GOLD Making A Corrective Setback

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Hello traders!
Today we will talk about GOLD and its price action + wave structure from Elliott Wave perspective.

GOLD was sideways with a slow price action for the last couple of weeks, which we see it as part of a bearish triangle formation in wave B. However, we know that triangles cannot occur in wave 2 and this is the main reason why we think that GOLD is just in a higher degree A-B-C correction, where we are currently tracking the final wave C that can send the price down to projected support zone between 1820 - 1765 area.

Later, once an A-B-C correction unfolds, we will probably see price confirmation with strong and impulsive rebound, which will give us signal for a completed corrective decline, but until then, we have to expect more weakness.

Be humble and trade smart!

GOLD, 4h


 

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