Gold: higher low is due, bounce to 1240 after.
Good morning all,
Here's an update on Gold EW setup - the violent flash-crash that we've seen earlier today is still part of the structure of wave 3 of an ending diagonal that is developing, so a bounce is expected after we complete the last wave of the down impulse (if it's not completed yet). Based on the behavior of the correlated instruments I think we need to see another low (or a higher low) in gold in the next few days before a bounce occurs. The reversal should correlated with the start of SPX sell-off, last lower low in EUR and Crude. This is supposed to take a few days, may be even till the end of the month.
Here's an update on Gold EW setup - the violent flash-crash that we've seen earlier today is still part of the structure of wave 3 of an ending diagonal that is developing, so a bounce is expected after we complete the last wave of the down impulse (if it's not completed yet). Based on the behavior of the correlated instruments I think we need to see another low (or a higher low) in gold in the next few days before a bounce occurs. The reversal should correlated with the start of SPX sell-off, last lower low in EUR and Crude. This is supposed to take a few days, may be even till the end of the month.
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.