Good morning traders. Today, let’s take a quick peek at Gold and its mid-term development.
We see Gold trading in a big, choppy, overlapping and sideways price action since the start of 2016. This slow visible structure resembles an Elliott wave triangle correction. A triangle correction is a complex pattern with five legs, with each leg having three more sub-waves. On the daily chart of Gold we see price trading within leg D) of this triangle pattern, which may see more weakness in the next few days, ideally to 61.8% Fib. Level that comes in around 1205 July swing low.
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