Elliott wave analysis on Gold (2017-06-09)
Gold has rebounded 24 weeks after getting supported from the previous wedge support line.
Nowadays the price came to the long-term resistance line twice but both were rejected. An ending diagonal pattern was formed here and warned us a top was formed (might be a short term top).
DXY also rebounded from yesterday, which will push metals down.
As a result gold should have a large pull back here.
Good luck for everyone!
Nowadays the price came to the long-term resistance line twice but both were rejected. An ending diagonal pattern was formed here and warned us a top was formed (might be a short term top).
DXY also rebounded from yesterday, which will push metals down.
As a result gold should have a large pull back here.
Good luck for everyone!
Trade closed: target reached
Trend was changed back to bullish. Trade was closed weeks ago. I will update the analysis soon.
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