GOLD (XAUUSD) Elliott Wave Analysis: Targeting 1175

FX:XAUUSD   Gold Spot / U.S. Dollar
473 0 1
Gold             has turned sharply to the downside in the past week which has been expected after only three waves up, labeled as a)-b)-c) on the chart. Current decline from 1251 is very sharp and directional that has already reached a new low so we believe it represents red wave iii             ) in progress, targeting 161.8% Fibonacci extension level at 1175. http://www.ew-forecast.com
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