$GC_F (Gold) 1 Hour Elliott Wave Analysis 3.31.2014

Gold decline from 1392 is taking the form of a triple corrective structure, another low toward 1274 -1282 is expected to complete a cycle i.e. wave A. After A completes gold should see a recovery in wave B before the decline resumes. We don’t like buying the metal in proposed wave B recovery and would look for selling opportunities at the end of wave B. It’s not a good idea to chase weakness at current levels as there is enough swings in place already to call wave A completed.

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