Gold: wave analysis
By Roman Petuchov
Weekly. Gold keeps forming the global downward correctional wave . Particularly, it’s currently building a bearish impulse (c). Consider its layout.
Daily. The structure of the impulse (c) is shown below. Next week we expect the price to form a final wave [E] of the convergent horizontal triangle IV.
H4. The wave [E] represents either a single or a double Zigzag. In any case, over the next few weeks we’ll see growth within a small bullish trend, up to the maximum formed by the wave C.