Gold Elliott Wave Analysis: Corrective Wave
Gold has turned bearish at the start of September, after the break through the rising trend line of a corrective channel. We knew at the time that it was an important signal for a change in trend, which means that bearish price action is back in play which also accelerated at the end of December, so we assume that price is moving down in larger wave 5) heading through 1180 June low. With that said, we think that current bounce is most likely just another corrective rally in the middle of a bearish trend. Resistance is seen around 1250/1270 from where new sell-off could occur.
Gold Daily Elliott Wave Analysis
Gold has reached a new swing high around 1254 in this week from where we can see some bearish price action. At the moment a decline from 1254 is definitely still not enough strong and big to confirm end of a three wave (a)-(b)-(c) corrective rally. But further weakness today and tomorrow, back to 1216 wave (b) zone will suggests that new sell-off on gold is in progress.
GOLD 4h Elliott Wave Analysis