Gold Caught By Elliot have a look on the pattern

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Gold is currently trading after US jobless Continuing claim data at 2060 K Previous was 2077 K

after that Initial Jobless claim rose to 244K from previous 238 K.Since that USD is at fear to fall further down.Next, as we have seen the momentum of gold was nicely moved gold at 1250. we have short-term supply side at this level where we looking at the correction So at that point we have made our Impulse wave 3 and from that 1250 wave 3 we are looking for a correction in the gold to target 1225.

Further U.S. is in the continuing process of the policy formulation and tax based reforms.So we are figuring our targets for the gold.

apart from gold we could see EUR rose to the level of 1.0595 current high since that is still in the channel and looking further fall in euro

Gold is the most favorite of followers so this leads me to this quick analysis.

Gold Levels Resistance 1254, Short entry according to Elliot for correction at 1250 Target 1225

Note I am still bullish on gold but bearish for this short term correction .

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