Elliott Wave Analysis: Gold In Final Stages Of A Consolidation
Gregor Horvat | Oct 10, 2016 03:38AM ET
On the daily chart of gold, we are observing a nice three wave correction taking place with sub-wave C in final stages as part of a higher degree correction of wave B) or II). If that is the case, then gold will ideally find itself a region of support around the 50 or 61.8 Fibonacci ratio and from there make a turnaround higher.
Break above the 1302 level would suggest that the correction is completed and higher prices may show up.
Gold, Daily
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