Looking at the hourly chart on Gold, I believe that more downside is on the cards as long as we are trading below 1966.00.
The pair had a 5-wave down followed by a 3-wave up correction which retraced 78.6% of the down move. A break below 1919.00 will further confirm our view.
We are looking for a move below the 1890.00 level hit at the beginning of the week.
The pair had a 5-wave down followed by a 3-wave up correction which retraced 78.6% of the down move. A break below 1919.00 will further confirm our view.
We are looking for a move below the 1890.00 level hit at the beginning of the week.
Comment:
Gold prices fell to 1915 this morning but has started correcting since then. It looks like the first wave of the next down move has ended and a small correction is taking place. A trader who has a short position can now lower his stop level to above 1950 i/o 1970