Gold: Anticipated happened and Elliott wave forecasting

In my previous update " Gold in a complex correction pattern", I had mentioned that,  A decisive move below $1155 will open the possibility of $1076 on the downside with the resistance of $1230.

Gold after breaching the level of  $1155 plunged and made a low of $1074 on 12th November 2015. The downfall was steep after hawkish comments by FED chair person Janet Yellen who gave a hint for a possible rate hike in mid December 2015, thus making Dollar strong and Gold weak.

Gold is moving precisely in a falling channel, after facing the resistance of $1191, prices reversed and moved below its previous low of $1076, marking a low of $1074. The downfall was impulsive in nature as expected. As it is moving in wave Y where it is currently forming double correction (a-b-c-x-a-b-c). This double correction can be then converted into triple correction (a-b-c-x-a-b-c-x-a-b-c) or can terminate at $1074 levels. As of now one leg on upside is expected for gold now.

In short Gold can bounce near till  $1140 over short term. However any move above $1200 will open further positive possibilities.

Gold Anticipated on 16th October 2015

Gold Happened on 12th November 2015

Disclaimer: Please do not circulate this report to Clients and others. The motive for this short term update was to make aware of various patterns and its implications and how it can be used for forecasting various asset classes. Do not trade on this update or take any positions based on the above mentioned view


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