Gold Reached a Temporary High - Sub $1900 on the Horizon
Back on June 29, we highlighted how Gold was poised to rally to $1975 and possibly $2000.
Earlier this week, Gold reached $2010 and is now poised to dump below $1900.
It appears this week's high was wave ((x)) of a double zigzag. That means wave ((y)) will unfold to the downside reaching $1850-$1880 and possibly $1750-$1780.
Though we are halfway through this quarter, I suspect this will be a multi-month decline that could bottom out in Q4 2023. The price levels are more important to determine the bottom than the timing window.
Earlier this week, Gold reached $2010 and is now poised to dump below $1900.
It appears this week's high was wave ((x)) of a double zigzag. That means wave ((y)) will unfold to the downside reaching $1850-$1880 and possibly $1750-$1780.
Though we are halfway through this quarter, I suspect this will be a multi-month decline that could bottom out in Q4 2023. The price levels are more important to determine the bottom than the timing window.
Are you ready to learn Elliott Wave? Take our Free Elliott Wave Readiness Assessment: bit.ly/EWreadinessquiz2
www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress
www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress
