Recent news has been flaming gold owners as the price of gold keep dropping to this day. This might happened since a lot of traders and investors are switching to cryptocurrency. In accordance with the Elliot Wave technique supported by a Fibonacci retracement, the price of gold might fall as far as 1569.816 before rallying up.
The rally is a huge possibility should the price of gold is deemed cheap and people will start buying. However, according to the wave analysis, should the price of gold reach its peak of wave 5, the price will likely drop again. We can speculate that the price might peak at around 261.80% up to 361.80% area.
Note: this is merely a prediction, any loss caused by this idea is not the responsibility of the publisher.
The rally is a huge possibility should the price of gold is deemed cheap and people will start buying. However, according to the wave analysis, should the price of gold reach its peak of wave 5, the price will likely drop again. We can speculate that the price might peak at around 261.80% up to 361.80% area.
Note: this is merely a prediction, any loss caused by this idea is not the responsibility of the publisher.