Elliott wave analysis on Gold (2016-07-17)

Gold is in a large correction of wave C currently after it broke out of the expanding triangle.

The correction of last week pulled the price back to the upper line of the expanding triangle. It seems that it got supported from the triangle line and might have finished the correction.

Gold might recover the up this week and pay attention to the resistance from the red resistance line.

Note: If it breaks down the upper line of triangle unfortunatelly, gold will make a deeper correction.

Good luck for everyone!

Kommentera:

Gold retested the expanding triangle and got supported. Next target around 1383.