Currency Analyst since 2010

Gold: wave analysis

By Roman Petuchov

Weekly. Gold keeps forming the global downward correctional wave [4]. Particularly, it’s currently building a bearish impulse (c). Consider its layout.

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.

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