Gold, Elliott wave analysis.

FX:XAUUSD   Gold Spot / U.S. Dollar
Elliott Waves can map out the human psychology in the market. Gold is probably the best example to illustrate this. Current analysis show that gold is at the end of its current trend, confirmed by wave 5. The current area may start to form a reversal pattern on smaller timeframes. A break lower would take significant selling pressure, a 38.2% fib, 1240 support and trend line in the way. RSI is very oversold. This could be a good opportunity to get into the next long term trend.
Happy Trading!


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