Gold - correction after the triangle breakout
The price of gold has dropped to the lowest level since the second half of July. As a consequence the ounce of this precious metal is cheaper by about 10 percent then it was in the first week of August.
In our recent analysis we have mentioned that on the daily chart a potential triangle pattern has been created. Its lower limit has been broken so the bears may take control on this market.
Looking at the whole structure we may assume that currently the wave C could be created within a larger simple ABC correction. The potential target for wave C could be located at 61,8 Fibo expansion of wave A (currently tested) or at 100% Fibo expansion below 1800 USD.
In both cases a return to the upward trend would be possible only after a breakout of the upper limit in the downward trend channel.
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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.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
In our recent analysis we have mentioned that on the daily chart a potential triangle pattern has been created. Its lower limit has been broken so the bears may take control on this market.
Looking at the whole structure we may assume that currently the wave C could be created within a larger simple ABC correction. The potential target for wave C could be located at 61,8 Fibo expansion of wave A (currently tested) or at 100% Fibo expansion below 1800 USD.
In both cases a return to the upward trend would be possible only after a breakout of the upper limit in the downward trend channel.
________
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.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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