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Short

Gold bearish Wolfe Wave ?

FX:XAUUSD   Gold/U.S. Dollar
197 0 3
I have serious doubts that the weekly gold             chart will evolve into a bearish WW. The basic line 2-4 of the ascending wedge has been broken prematurely and even the projected line 1-6 is far too mild (using an assumed point 4 at a higher level). What more likely is taking place is the first wave a of the final decline wave C. Any reactive b-wave until 1220 for instance will not change the overall picture. Whichever wave pattern emerges, 1200 remains an extremely important resistance level, since it represents the average core cost of the majority of mining companies.
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