Elliott Wave Analysis: GOLD Pushing Price Higher; 1400 Area Is In View
Gold is in a new bullish turn that could stay here for a while based on weekly and daily structure. As such, we will continue to look higher after any three wave set-back that could take place later this week.
On the lower time frame, Gold fell quite nicely last week into a possible corrective set-back in wave 2), which we labeled as an unfolding double zig-zag. As we see price has now six legs to the downside from the high, with last leg C) still missing. Ideally final leg C) within falling price action will bounce from around 1300/05 area and rise back above 1358 which will open door for 1375 and then even towards 1400 psychological level.
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