Ongoing Bearish Triangle On Gold
Updated
Gold woke up last week at around 1900 area, and came out of a downward channel shown on hourly chart, which is an important indication for a completed wave (D), followed by wave (E) that is in play, which belongs to a triangle. Even wave (E) should be made by three waves, but the rally from the low is in one leg so I think that current recovery is still incomplete Therefore, the rise can resume further after minor sub-wave B pullback, which can find some support near 1915. Big resistance for a whole triangle and potential resumption lower is at 1940/45.
Note
Gold coming down perfectly, now breaking the trendline support of a triangle.Note
With broken lower triangle line, gold can be now on the way lower towards 1850 - 1800 area within a new five-wave bearish cycle of the lower degree.
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