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GOLD Is Looking For Short Term Support: Elliott Wave Forecast

|Includes:Randgold Resources Limited (GOLD)

Gold is bearish for two weeks now and very slow beneath 1300 level, so we suspect that market is still in wave (a) and that current sideways price action is red wave iv) as part of a bearish impulse, so we are looking down in fifth for the start of this week. 1270/1280 level could be seen before market turns up for a three wave rally in wave (b). Short-term critical resistance is at 1319.

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Gold 4h Elliott Wave Analysis

Stocks: GOLD