Gold lower levels to come
|The chart below shows Gold which has been in a downtrend since the 6th of January 2021. The move lower has been marked as a five wave impulse to the downside and the larger degree (a). From the current level, we are looking for a correction higher around the 1900 level before we continue lower.
We are looking for a 3 wave correction to complete wave (b) then move to lower levels below 1750 and possibly test 1700 where our channel support is.
The larger degree struck is corrective and, we are looking for impulses in these corrections to trade. The trend is still to the downside until we break 1965.40.
The move lower in wave (c) should be in five waves like a wave (a) to confirm a zigzag pattern. If we see a three-wave structure then we will know it's more complex, and we should look for other trading opportunities.
No key news events to look out for this week.
Res: 1847; 1874; 1900
Sup: 1818; 1796; 1753
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