Elliott Wave Analysis On Gold And Silver
GOLD
Gold is selling of from 1187 after recent three waves up from the low, which we labeled it as wave C that can belong to a big running triangle formation. It’s a five wave move in wave B where we may see a final leg up, wave E to complete a corrective pattern sometime this week. So based on the wave structure and personality we think that gold has room for more weakness, to around 1150.
GOLD, 1h
SILVER
Silver moved towards $17 per barrel about we talked last week, as we expected a minimum three wave recovery. Now it looks like an A-B-C corrective move that belongs to a bigger bearish pattern. As such, we may see a retest of 16.13 this week especially once corrective channel is broken. When the lower channel line breaks, we can expect for more weakness
SILVER, 1h
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