Gold : After Making peak in 1st week of August20, presently Gold is moving in a channel indicating that its in a Corrective Wave ABC, which can be further subdivide into three smaller degree wave of 3-3-5 type.
Wave a : abc
Wave b : abc
Wave c : abcde Still in Making
Considering this, Now If we consider Wave - c of corrective wave as 5 wave pattern than...
Spot Gold, current price 50,568, Harmonics pattern ( bottom highlighted) and Fib retractment( 61.8% and further) all pointing towards bounce in short term towards first 50, 935 and then towards 51,529. We can observe a clear a pattern which indicates bullishness to continue.
The above view is for short term and not medium to long term.
The above study is for ...
Gold had pretty good bull run from last two years.
After bubble top, it cannot able sustain above the 20 day ema.
This siganl for further correction.
IF IT BRAKE THE SUPPORT AT 50 THOUSANDS LEVEL, THEN IT OPEN THE DOOR FOR 48000 SUPPORT LEVEL.............. further down
Your humble trader