It has been some since our last analysis regarding GOLD. After having broken the support levels at 1770$, Gold has reached the 38% retracement area. According to our bullish wave count this could be the area where wave ((4)) or part of it (wave A) ends. Although many believe that Gold has started a new downtrend with the first impulsive wave being the decline from 1798 to 1700 area, we give more chances to the bullish scenario. Nevertheless we always take into consideration the bearish view as it is valid and with good chances of confirmation.
Taking a closer look at Gold, the 1 hour chart shows us the resistance levels and the downward sloping trendline that need to be broken in order for gold to bounce upwards. For more help in trading gold don't hesitate to contact me.
Thank you for taking the time to read my post.
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