Gold: wave analysis
Weekly. The pair continued development of the global correctional wave , which is taking form of a simple downward Zigzag. At the moment, gold is forming the impulse (c) of .
Daily. XAU/USDhas finished constructing the convergent horizontal triangle IV. After that it started declining in the downward momentum V of (c) of . In the coming weeks the formation of this momentum will continue. Consider the layout of its internal wave .
H4. The internal structure of the wave  is shown at the picture. Market is creating a series of downward impulses and small corrective waves. The following week, a similar tendency will continue. When the correction 4 is complete, we’ll see a downside momentum 5. The market is favorable for the bears.