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Gold Weakness Probably Maturing

By ESI Analytics LimitedCommoditiesJul 26, 2018 06:52AM ET
www.investing.com/analysis/gold-weakness-probably-maturing-200333443
Gold Weakness Probably Maturing
By ESI Analytics Limited   |  Jul 26, 2018 06:52AM ET
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The minimum target for wave C of a triangle has been reached last week. Nevertheless, Gold is likely to progress further to the downside within at least another up-down sequence. Our preferred path is depicted in red. The red scenario may even extend further to the downside, which we will analyze as/if wave structure unfolds to the downside.

The alternative scenario shows a significant bottom in gold on last week slow. This is a possibility and it fits into the Elliott wave framework. However, it is way too early to call for a reversal here. There is not much evidence for that besides a potentially complete Elliott wave picture. Therefore, we see about 60 / 40 odds in favor of the red scenario. Getting above the 1268 level challenges our red scenario and suggests that we saw a significant low last week.

All in all, we are no longer bearish on Gold but turn carefully neutral. We still expect to see a significant low within the next few weeks.

Gold TA
Gold TA

Gold Weakness Probably Maturing
 

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Gold Weakness Probably Maturing

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