26 May 2015
Gold turning down impulsively, now testing the trendline – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, uses Elliott Wave Analysis to give the technical outlook for Gold.
Key Quotes
“Gold is moving sharply down, it looks like it is in wave three of three that is now testing a trendline support connected back from March 17th low. Based on strong downside momentum breakdown may follow today which would then put more bears in play for the rest of the week. Keep an eye on a daily close price; it's the most important price of the day. Opportunities may come in fourth waves.”
Key Quotes
“Gold is moving sharply down, it looks like it is in wave three of three that is now testing a trendline support connected back from March 17th low. Based on strong downside momentum breakdown may follow today which would then put more bears in play for the rest of the week. Keep an eye on a daily close price; it's the most important price of the day. Opportunities may come in fourth waves.”