Gold is coming lower for wave C out of wave B triangle pattern from technical point of view and from Elliott wave perspective.
Gold was trading sideways through summer period, where we have been tracking a bearish triangle formation. On September 19 we also shared on article on talkmarkets.com, where we mentioned and highlighted final wave (E) of a bearish triangle pattern in wave B. CLICK HERE
As you can see today, wave (E) stopped at the 61.8% Fib resistance from here we can see nice turn, below wave D and through the trendline support, so bears can be in control now. Therefore, be aware of a further weakness into wave C, below 1880 area.
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DAX Breaks Down From A Triangle. Check our blog HERE.