cfetrader
Short

Gold bearish Wolfe Wave ?

FX:XAUUSD   Gold Spot / U.S. Dollar
198 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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