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Gold prices found some support last week and reversed back to the base channel line once again. This could react as resistance in the current black wave 4 which is now making a more complex wave structure than we firstly thought.

We can see that price is slow, sideways, choppy and more importantly the recovery from 1337 cannot be counted impulsively. Therefore, we think that the move is corrective, probably a wave 4 which is still incomplete.

Ideally that is now wave (d) down that will look for a support somewhere above 1352. From a larger perspective we think gold will continue lower, but based on the 4h count, the critical level is at 1441 which was wave 1 low.


Gold 1 hour chart Elliott Wave Analysis technical outlook


Gold Elliott Wave 4 hour graph for trading charts