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Gold Elliott Wave Analysis

Function - Counter-trend

Mode - Corrective

Structure - Zigzag

Position - Blue Wave Y of  red wave IV

Direction - Blue wave Y of red wave IV is still in play.

Details - Wave (E) of the triangle wave X ended at $2044 after which a breakdown below wave (D) low - $2014 followed. Larger degree blue wave Y pushes lower and could extend in 3-waves to 1940. Therefore, the new invalidation level for this forecast has shifted to $2045 where we have the wave (E) high.

Technical Analyst: Malik Awais

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