Gold has been showing some weakening signals over the last week and combined with the fact that the upward move from 1554$ to 1615$ was not but overlapping, makes us believe that this was just an upward correction.
Our longer term Elliott wave count in Gold has not changed. Wave E could not be over yet if we take into account that the last upward move from 1554 was not a clear 5 wave pattern. This makes us believe that a new low or double bottom around 1550$ could be the end of wave E and of the entire triangle. We have mentioned many times before that although we believe in the bullish longer term targets for Gold, buying without any bullish evidence ( upward move) would be very risky.
Gold has recently broken the upward sloping trend line and could soon re-test 1592$ support.
We remain bearish biased as long as prices remain below 1606$ and 1615$. We expect prices to at least test February lows.
If you need more help trading Gold try our one week free trial and see what our subscribers receive.
As always, thank you for taking the time to catch up on my thinking.