Gold bearish movement
Updated
Gold is bearish now.
After BAT Pattern completion (exactly on relevant PRZ) it is started to model the XA wave with Elliot 5 waves. it is completed for now although it would continue due to strong move. because of positive divergence we would have a bullish correction up then it will continue downward to the BAT target (AX wave model). and it will meet the end of the long term channel which can be seen here.
After BAT Pattern completion (exactly on relevant PRZ) it is started to model the XA wave with Elliot 5 waves. it is completed for now although it would continue due to strong move. because of positive divergence we would have a bullish correction up then it will continue downward to the BAT target (AX wave model). and it will meet the end of the long term channel which can be seen here.
Trade active
After 5 waves Elliot completion and correction up, Gold started downward although the movement is not strong. In case of it goes weak, we would face hidden positive divergence (the real positive divergence is already there) so we would wait for upward movement. Then we need to check it out if it is strong upward movement or weak one. 
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.