Elliott Wave Analysis: Weakness on Gold Around The Corner!

Technical analysis of Forex market

GOLD is trading higher, now unfolding final stages of a wave five as part of a higher degree wave iii of a bigger bullish cycle. We labelled possible turning point regions for the metal, which are at 1345/1351 area, where Fibonacci ratios of 261.8 and 423.6, and the upper corrective channel lines can project end for wave iii. An impulsive turn, and a break below the lower Elliott wave channel line would suggest a completed impulse, and corrective wave iv to be in play.

GOLD, 1h

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