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Guest Commentary: Gold Looking to Complete a Cycle Low

Guest Commentary: Gold Looking to Complete a Cycle Low

Eric Morera, Technical Strategist

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.