Splish splash, I was taking a bath,
Long about a Saturday night, yeah.
A rub dub, just relaxing in the tub,
Thinking everything was alright.
Like Bobby Darlin in his song, gold should also take a refreshing bath in the turquoise zone between $1840 and $1713 soon. Therefore, it must drop below the support at $1936 to gain further downwards momentum. Thus refreshed, the precious metal should leave the turquoise zone on the southern side and continue the descent until the low of wave (4) in yellow is established. However, there is a 30% chance that gold could finish wave alt.2 in turquoise instead and subsequently rise from the turquoise zone to start an upwards movement, which should carry it back above $1936.
Long about a Saturday night, yeah.
A rub dub, just relaxing in the tub,
Thinking everything was alright.
Like Bobby Darlin in his song, gold should also take a refreshing bath in the turquoise zone between $1840 and $1713 soon. Therefore, it must drop below the support at $1936 to gain further downwards momentum. Thus refreshed, the precious metal should leave the turquoise zone on the southern side and continue the descent until the low of wave (4) in yellow is established. However, there is a 30% chance that gold could finish wave alt.2 in turquoise instead and subsequently rise from the turquoise zone to start an upwards movement, which should carry it back above $1936.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.