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GOLD (XAUUSD) Elliott Wave Analysis: Bearish Wave In Action

FX:XAUUSD   Gold Spot / U.S. Dollar
118 0 1
Gold             has recovered up to 1320-1342 resistance area that we highlighted it several times in our past updates. We also noted that bearish reversal could be near if we consider a double zigzag from the low. Well, market fell very sharply in this week through the lower support line of a corrective channel that suggests a completed wave (b). With that said further weakness is now expected down to 1277 low and possibly even to 1240 level.

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