Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Both Elliott Wave Count Suggest For Higher GOLD

|Includes:Randgold Resources Limited (GOLD)

GOLD has turned strongly to the upside last week, above 1300 so looks like market is in new impulsive upward cycle on intraday charts. We are tracking two counts, and more importantly both are showing fourth wave in progress. First, and primary count is showing idea of a triangle in wave (iv) so break to the upside, towards 1330 could follow in the next 24-48 hours.
GOLD 1h Elliott Wave Analysis #1


The second count is also bullish, but it shows the possibility of a retracement back to 1300 before we get a bounce. At the moment none of the pattern is complete, but we will be looking for a reversal up in this week for sure. I will be tracking gold closely here, and post the updated count, if I will spot a completed pattern
GOLD 1h Elliott Wave Analysis #2

Interested in our analysis? Get now 1 month of full service for just 1€. http://www.ew-forecast.com/service

Stocks: GOLD