19.08.201312:41 Forex Analysis & Reviews: Gold Elliott wave analysis for August 19, 2013

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Gold continued to move towards 1,380.00 as it was expected and reached our target of the break out from 1,351.00. Resistance is strong at this price level and I expect the price to pull back. Bulls should be cautious as the pull back could push the price towards 1,340.00 or lower.

The rise from 1,270.00 is most probably in 3 waves and we could see a pull back towards 1,360.00-50 and then a final push higher towards 1,400.00. However, we cannot rule out the scenario that the entire move is over. This implies that Gold prices will enter a period of price correction with tendencies towards 1,300.00. For the time being support is found at 1,367.00 and if it broken we will see a test of the 1,355.00. Breaking below that level will probably push the price towards 1,340.00.

Concluding, we are changing from being bullish to neutral as either we are near a top or prices have already topped. Support at 1,367.00 should be respected and if broken I will exit the position I reversed from 1,351.00. Prices could make a new high towards 1,390.00 where profits are best to be taken. We are now neutral and look to take our profits.

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