Gold Completes Elliott Triangle
Since the selloff started in early August, gold has fallen into a consolidation, forming a symmetrical triangle.
The gold was trading above support level 1939 throughout the week but has broken below a rising trendline the day after FOMC.
The bearish wave after FOMC has also marked an end to an Elliott triangle which could potentially send the gold further south.
Last Friday has shown a significant pullback and therefore, we can look to sell gold in the coming week as soon as the market is opened next week.
The gold was trading above support level 1939 throughout the week but has broken below a rising trendline the day after FOMC.
The bearish wave after FOMC has also marked an end to an Elliott triangle which could potentially send the gold further south.
Last Friday has shown a significant pullback and therefore, we can look to sell gold in the coming week as soon as the market is opened next week.
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