Gold Getting Ready for Another Wave Down
Updated
Looks like Gold is going to make another correction down. To be honest, i am not sure if it will make another wave up first. My mid-term view is still around 1270, long term is still bullish at this point.
Now there is chance that wedge on the left has started it's drop already, with the smaller one already breaking. Think if it goes above 1304.5, we could see another move to 1307ish.
Previous analysis:
Now there is chance that wedge on the left has started it's drop already, with the smaller one already breaking. Think if it goes above 1304.5, we could see another move to 1307ish.
Previous analysis:
Comment
The small wedge was a trap and the bigger one seems to be something else now. It did not touch the low of the bigger wedge, which is a sign usually. The idea on the right, the correction, is still in play, but i can't judge where it might turn around. A break of 1315ish could mean i am wrong about this and we continue up again. For now, waiting and see what happens.
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