On gold we can see that price fell close to former lows, so we think that downtrend is still in play, especially if we consider the fact that rally from 1131 to 1306 was made by three waves. As such, we adjusted the wave count and labeled recovery as wave 4 that is part of an ending diagonal in wave 5). With that said, we will be looking for a possible bounce from new low, from around 1100 area later this year. But for now, bears are still here and expected to resume after subwave (b) rally is complete. We see it in play now for a retracement back to 1200-1220.
GOLD Daily Elliott Wave Analysis
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Gold In A Corrective Rally: Downtrend May Resume From 1220/1240
Published 03/24/2015, 04:25 AM
Updated 07/09/2023, 06:31 AM
Gold In A Corrective Rally: Downtrend May Resume From 1220/1240
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