Gold's Battle: EW Analysis Points South
Gold is waging a battle to clear out short positions before a major decline. The news about China's gold purchases appears to be part of this strategic market manipulation. According to Elliott Wave Theory, the 4th wave must exhibit an ABC structure, and we haven't yet observed a clear C wave formation. Therefore, we should anticipate a downward movement, using 2721 as our invalidation level.
Currently, the C wave's second wave is nearing completion. Under these conditions, the minimum target zone for the decline lies between 2450-2400.
Currently, the C wave's second wave is nearing completion. Under these conditions, the minimum target zone for the decline lies between 2450-2400.
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