Elliot Wave Analysis: Gold Daily Frame Overview
Sina Soleymani | May 11, 2017 07:37AM ET
Gold is reaching to strong support levels which can experience a potential reversal from $1170 up to $1210.
There's no sign of major motive waves so far and all we have is a Complex corrective pattern. the first part was a Flat correction which followed by a short X-Wave , and in the final section we're having a contracting Triangle which is completing leg "D" of the whole structure. First possible target for Leg "D" is $1339 up to $1342.
After that , gold prices may have another price correction to complete leg "E" of the Contracting triangle and finally , an upward motive trend can happen later at the end of Q3 and Q4 , 2017.
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