Gold likely drops to the range of USD1650
The wave III is ended around the range of USD 2075, we are currently in Wave IV which is a corrective movement of this uptrend.
In wave IV and in b wave, the Triangle pattern is formed, and by the price crossing the USD 1906 range, which is the end of wave d of this pattern, the hope for a further downtrend exists. It should be in the form of 5 descending waves (according to the wave A which has a structure of 5 waves)
The first wave ended in the range of USD 1848 and we currently are in wave iii.
Generally, the downtrend in wave IV, depending on the Fibonacci percentages and according to the descending ratio in wave A, can be extended to the targets of USD 1679 to USD 1630.
However, we have several scenarios for gold, currently, this is the most likely scenario.
In wave IV and in b wave, the Triangle pattern is formed, and by the price crossing the USD 1906 range, which is the end of wave d of this pattern, the hope for a further downtrend exists. It should be in the form of 5 descending waves (according to the wave A which has a structure of 5 waves)
The first wave ended in the range of USD 1848 and we currently are in wave iii.
Generally, the downtrend in wave IV, depending on the Fibonacci percentages and according to the descending ratio in wave A, can be extended to the targets of USD 1679 to USD 1630.
However, we have several scenarios for gold, currently, this is the most likely scenario.