Gold Elliott Wave Analysis Turns Bearish Again

This entry was posted by Monday, 25 March, 2013

The signals were there and we were correct to close out our short positions in Gold¬†with a decent profit and there was even a healthy profit in it for nimble traders who reversed their positions to go long as Gold went on to break resistance at 1585. This targeted a quick short term move to 1600 and then the previous high where it found resistance again before falling back again this morning…

Gold Elliott Wave Analysis Daily Chart

Gold Turns Bearish Again

The failure to break the previous high reaffirms the long term bearish elliott wave analysis and bears now have another opportunity to regain control and take Gold down through the strong support levels offered by the long term channel trend line and previous support….

Gold is today testing the break up through our key level at 1585 and a break of this initial support should see a fairly quick decline through 1550’s and on to test the long term support in 1520’s in what is likely to be a 5th wave within the larger 3rd wave down.

Gold Elliott Wave Analysis Weekly Chart

March 2013 Long Term Gold Elliott Wave Analysis

Bulls need to find support here at 1585 to have a chance to take the market higher again with the recent 1616 high now as a strong medium term pivot. Above 1616 bulls will be looking for a tag of 1635 then 1672.



  • Just noticed a typo in the long term support level given and the post has been edited to correctly read 1520’s and not 1420’s as originally posted…..doh!