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GOLD: Sideways Within Larger Uptrend: Elliott Wave Analysis

|Includes: Randgold Resources Limited (GOLD)

On Gold we are tracking a bullish continuation from 1272 that should be in five waves, because we are tracking wave C/3 which are both motive waves. Right now we can see only three completed legs, but current sideways price action seems like a fourth wave, so be aware of another rise in the near future, up to 1390-1400 zone.

Only a decisive fall through 1344 support and towards 1318 level will suggest that bearish reversal is unfolding. In such case we would focus on daily alternate count.

GOLD 4h - Elliott Wave Analysis

Written by www.ew-forecast.com

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