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GOLD Elliott Wave Analysis: Bearish Reversal

|Includes:Randgold Resources Limited (GOLD)

GOLD prices are trading nicely to the downside in this week after a perfect reversal from 1380-1400 Fibonacci resistance zone. We see prices falling in impulsive fashion, now already beneath 1337 so we believe that top has been formed and that market will make a minimum three wave fall. At the moment price is still in wave i)/a), but any bounce will be just a short term rally.

GOLD 4h Elliott Wave Analysis

Written by www.ew-forecast.com

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Stocks: GOLD