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Gold Spot / U.S. Dollar

GOLD - Loosing Ground

By forexqueenpk
Yesterday #Gold break below the 1240 #support (#endingdiagonal) but managed to bounce back. I already expect Gold to start its major #correction for the move started 1120 but before that one last leg up is still in play (because of ending diagonal #elliotwave pattern). yesterday break of the support indicate that the fall may come quicker than we expect and #Gold may not reach the #pricetarget 1270-75 area. we may be heading for a #truncated5thwave (in ending diagonal) which could cause prices to fall from 1260-63 area to begin the #majorcorrection.
Elliott WaveEnding DiagonalGoldgoldtradingMetalspriceationtechnicalalysis

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