Elliott Wave Analysis On Gold And Silver
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.
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
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