8 Apr 2015
Gold: bearish impulse at $1240/1255 – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, uses Elliott Wave Analysis to give the technical outlook for Gold, noting that the precious metal might face stiff resistance around $1240/$1255 levels.
Key Quotes
“Gold moved to a new swing high after very bad NFP figures on Friday, so metal is already in wave c) now, final leg of a zigzag from 1142 low. As such, upside can be limited as corrective rally can be in final stages. We however see Fibonacci resistance area at 1240/1255 from where new bearish impulse can show up.”
Key Quotes
“Gold moved to a new swing high after very bad NFP figures on Friday, so metal is already in wave c) now, final leg of a zigzag from 1142 low. As such, upside can be limited as corrective rally can be in final stages. We however see Fibonacci resistance area at 1240/1255 from where new bearish impulse can show up.”