Gold: higher low is due, bounce to 1240 after.
Good morning all,
Here's an update on Gold EW setup - the violent flash-crash that we've seen earlier today is still part of the structure of wave 3 of an ending diagonal that is developing, so a bounce is expected after we complete the last wave of the down impulse (if it's not completed yet). Based on the behavior of the correlated instruments I think we need to see another low (or a higher low) in gold in the next few days before a bounce occurs. The reversal should correlated with the start of SPX sell-off, last lower low in EUR and Crude. This is supposed to take a few days, may be even till the end of the month.
Here's an update on Gold EW setup - the violent flash-crash that we've seen earlier today is still part of the structure of wave 3 of an ending diagonal that is developing, so a bounce is expected after we complete the last wave of the down impulse (if it's not completed yet). Based on the behavior of the correlated instruments I think we need to see another low (or a higher low) in gold in the next few days before a bounce occurs. The reversal should correlated with the start of SPX sell-off, last lower low in EUR and Crude. This is supposed to take a few days, may be even till the end of the month.
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