Coming down...
Gold takes another dive and confirms our turnaround zone. The purple trendline is broken, which sends a positive signal for further downwards pressure. However, there is another hurdle coming up. We are talking about the $1908 area where support is to be expected. Nevertheless, the bears should be able to bring prices down to roundabout $1860. In this case, the time factor also plays a key role. We consider the current movement to be a wave 3. So the longer it takes for the bears to break the support at $1908, the less likely the wave 3 in green becomes, as it will lack the impulsiveness typical for this type of wave. All in all, we are moving in the right direction, and our turnaround zone is confirmed. The next big step are prices below $1908.
Is the next stop in the area $1860? What do you think?
Gold takes another dive and confirms our turnaround zone. The purple trendline is broken, which sends a positive signal for further downwards pressure. However, there is another hurdle coming up. We are talking about the $1908 area where support is to be expected. Nevertheless, the bears should be able to bring prices down to roundabout $1860. In this case, the time factor also plays a key role. We consider the current movement to be a wave 3. So the longer it takes for the bears to break the support at $1908, the less likely the wave 3 in green becomes, as it will lack the impulsiveness typical for this type of wave. All in all, we are moving in the right direction, and our turnaround zone is confirmed. The next big step are prices below $1908.
Is the next stop in the area $1860? What do you think?
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📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.