Guest Commentary: Gold Looking to Complete a Cycle Low
Gold's preferred Elliott wave count is showing a triple corrective structure down from the $1392 peak when $1342 was the second wave ((x)).
As channel resistance caps the move, gold now has the scope to drop as low as $1296 or maybe even $1282 in order to complete the cycle.
The $1262 to $1287 area is the four-hour inflection zone where we expect sellers to take profit and new buyers to appear. That's why we expect at least a bounce to originate within that area.
By Eric Morera of Elliottwave-Forecast.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.