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Elliott wave analysis on Gold (2016-08-07)

Short
Gold Spot / U.S. Dollar (FX:XAUUSD)  
zhipengcfel Updated   
FX:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD Elliott Wave analysis Parallel Channel
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xauusd elliottwaves analysis parallelchannel
Gold had a nice rebounding wave B in last couple of days which we traded (see chart below). Then it got a sharp decline last Friday.
Pay attention to the rising channel support
From elliott wave anslysis the wave C down is ongoing now. It might bring gold to around 1280 which is the bottom of a large rising channel and PRZ of a Gartley pattern.

Good luck for everyone!
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