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Gold - possible ABC correction

Gold - possible ABC correction

The price of gold after a strong rally has been creating a potential corrective movement that could be labeled as ABC . The correction occurs after a significant price increase so there could be a stronger pullback (approximately 15%).

Currently, after the potential wave A and wave B the wave C may appear. However, it could happen only after a trendline breakout. If the line is broken we may expect a decline to the 100% Fibo expansion or to the previous resistance at 1788 USD.

It seems that only a move above the upper limit in a downward channel may be an indicator for the end of the correction.

Daniel Kostecki, Chief Analyst Conotoxia Ltd.

Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.

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