Mizuho predicts this is the next $1 trillion stock
GOLD is moving sharply down and its interesting that this market could not rally much, even after "no taper" decision in September. So if price cannot rally even when there is good news for the market, then it must be a bad sign.
That said, we are tracking a very bearish count after a recent break lower in impulsive fashion. On the 4-hour chart, this could be the start of a sizeable decline, while on the intra-day basis we expect to see a short-term bounce in wave four before downtrend resumes. Wave four could then be a short opportunity. Support for current wave three comes in at 1280, at 261.8% extension level. Critical/invalidation level for GOLD is at 1322.
That said, we are tracking a very bearish count after a recent break lower in impulsive fashion. On the 4-hour chart, this could be the start of a sizeable decline, while on the intra-day basis we expect to see a short-term bounce in wave four before downtrend resumes. Wave four could then be a short opportunity. Support for current wave three comes in at 1280, at 261.8% extension level. Critical/invalidation level for GOLD is at 1322.
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