Gold broke above 1300 mark, making an extended leg from 1251, triangle low. Notice that we have adjusted the wave count but actually massage is the same; we see a corrective advance from 1181 now testing 1330 resistance. We are observing more simple count now, a zigzag with a triangle placed in wave (b). We also know that wave (b) pattern CANNOT be labeled as wave two, because triangles never occur in wave two position. So because of that we are even more confident that rally is a contra-trend and that gains will be limited.
GOLD 4h Elliott Wave Analysis
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FWP Network > Forexhound.com > Analysis > Commodities Analysis > Metals > GOLD Elliott Wave Analysis: Faces Resistance Around 1330
GOLD Elliott Wave Analysis: Faces Resistance Around 1330
By ew-forecast.com (www.ew-forecast.com)
·
February 18, 2014
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Comments Off on GOLD Elliott Wave Analysis: Faces Resistance Around 1330
Metals · analysis, Elliott Wave, gold, XAUUSD
Metals · analysis, Elliott Wave, gold, XAUUSD
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