Looking at the price of gold futures contracts we may spot a potential Elliott wave structure. Currently, the recent upward movement to the upper limit in the main channel could be labeled as wave B. Wave B usually consists of three subwaves which are clearly visible and have created during the recent rally.
If this assumption is correct then we could expect another downard movement as wave C. It could be confirmed by the break of potential support at 1691 USD. The next potential support is located at the lower limit of the channel and by the area of 1565 USD.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
If this assumption is correct then we could expect another downard movement as wave C. It could be confirmed by the break of potential support at 1691 USD. The next potential support is located at the lower limit of the channel and by the area of 1565 USD.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
