Monday, July 4, 2016

Gold: Price May Go Back Below $1300

The chart above was the POST-BREXIT chart of Gold used on 26th June.We expected price to recover from the BREXIT spike and proceed with the PRE-BREXIT bearish move to complete an expected expanding diagonal before we look for a bullish set up.

The Aftermath of the spike indicated that we would only see more rally and presently the diagonal expectation has been stretched and thereby invalidated.

So, what do we have now?

The chart above shows that the first leg of  the corrective rally may not be over yet but close. We may see more rally to complete the terminating pattern as the last sub-wave of Wave v.

The terminating pattern is a probable ending diagonal. Patience will be needed to see if the diagonal pattern will  be completed or a different pattern will emerge (impulse wave).

We expect price to be contained below 1374. A move above will truncate the diagonal.

These are the types of pattern you will spot when you learn how to use the Elliott wave theory to trade any market in any time frame.

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