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GOLD Elliott Wave Analysis: Corrective Rally In Progress

|Includes:Randgold Resources Limited (GOLD)

Gold fell to new low last week after a minor triangle placed in wave four. We know that triangles occur prior the final leg within a larger pattern. As such, latest move down was fifth wave, final leg within wave (a) that sent prices up at the end of the week. Ideally we we will see a three wave rally now up in wave (b), back to 1320/1342 reversal zone. For now, price is still in wave a) of (b), but we need three legs up, so be aware of more sideways and even upward price action before we may turn bearish again.

GOLD 4h Elliott Wave Analysis

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Stocks: GOLD