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Today is another down-day for metals it seems. GOLD is beneath 1330 level and based on latest price action and broken support channel line on the hourly chart, we must consider an impulsive bearish wave structure. The reason is sharp sell-off in the recent hours that could easily be wave three of three of three which is typical the strongest move within the sequence. As such, gold could be setting up for further weakness, but firstly we want to see a daily close price. If we get a close beneath 1330 today then be aware of further weakness in days ahead with 1300 as a next target where its 161.8% extension of blue wave (i) measured from wave (ii) high.
GOLD 1h Elliott Wave Analysis
On a daily level we see prices already trading well below recent upward channel which means that trend is changing from bullish to bearish mode. In fact recent rally from 1180 was made in three waves which is a contra trend corrective structure, called a zig-zag in the wave principle. As such, GODL could be on the way for a new sizable decline
GOLD daily Elliott Wave Analysis
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