(COMEX) GOLD SPOT started to make the bearish Elliott wave. After making the 3rd wave, it started to make the 4th wave. It may see 1970+
The trend will fall again after a particular level around 1965, to make the 5th wave. And after taking a reversal, it will fall up to the dynamic support. After the breakout of the dynamic support, it will hit 1900 - 1886, up to the resistance, and after breaking resistance, the trend will touch 1850 - 1790.
But what if starts to move upside?
1. If it starts to move upside,
2. Or takes a reversal from a particular level
Then it's the failure of the Elliott wave pattern. And the target for the uptrend is as following 1979 - 2000.
Analysis Based on the indicators:
DMI - ADX is less than 25 means downside movement, and +DI is above -DI that shows an uptrend.
RSI is showing a downtrend.
The trend will fall again after a particular level around 1965, to make the 5th wave. And after taking a reversal, it will fall up to the dynamic support. After the breakout of the dynamic support, it will hit 1900 - 1886, up to the resistance, and after breaking resistance, the trend will touch 1850 - 1790.
But what if starts to move upside?
1. If it starts to move upside,
2. Or takes a reversal from a particular level
Then it's the failure of the Elliott wave pattern. And the target for the uptrend is as following 1979 - 2000.
Analysis Based on the indicators:
DMI - ADX is less than 25 means downside movement, and +DI is above -DI that shows an uptrend.
RSI is showing a downtrend.