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GOLD May Test 1303-1296 Before Turning Up: Elliott Wave Forecast

|Includes:Randgold Resources Limited (GOLD)

OLD is in corrective set-back it seems as noted yesterday after five wave rally from 1273 swing low. A contra-trend move should unfold in three legs before we may turn directly bullish again. At the moment we see wave (NYSE:B) so watch for another push down that will be wave (NYSE:C). Note that when corrections occur you will usually see a retracement back to the area of the former wave four, so 1296-1303 can be tested before turning up.
GOLD 1h Elliott Wave Analysis

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Stocks: GOLD