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Chart of the Day:
Gold Bullion
Gold Bullion Overall View: Looking for a down-trend continuation
4 Hour Chart Flows: Mixed Price Points: 1118, and 1161 Looking for: Bearish trend, as long as 1161 holds
Momentum: Gold signaled Long on the 3rd of Nov and after bouts of short selling has just sent a long near-term momentum signal. 1120 is near-term support, backing any further long tests of 1170.
TheLFB Charting: Gold Bullion 4h view
Elliott Wave: Gold traded down to the 1119 support region, then bounced up into the 61.8% Fibonacci resistance area at 1145. The move down from the 1161 top to the 1118 low looks very sharp and impulsive, which means it should be a part of a larger decline, structured by at least a three wave move.
The top of a Long, corrective red wave B) is around the 1161 region, which shows a completed double zig-zag pattern labeled as (w) and (y), separated by a wave (x).
A huge, Short, red wave C) leg may already be developing, and should fall towards the 1100 and 1070 area, if 1161 holds as resistance. In the Short, black wave C), we are looking a move lower in the near-term, through the 1118-1119 support zone, which will put a small black wave III) in play. The black wave II) is already completed at 1146.