Gold broke down forming wave 4 of a 5-3 Elliott Wave. We should have enough gas in the tank for another run to form wave 5. If we are correct, we can expect it to make new highs, breaking 1832. If we are wrong, we can expect a rejection somewhere around current levels, around 1815 or so. Around 1800 there is support from not only a psychological level but a cluster of other technical levels as well. The Kovach OBV registered the bearishness of Wave 4, but appears to be turning up at this point. We have two red triangles on the Kovach Reversals Indicator so watch for a brief retracement.

Gold Elliott Wave

Gold had a retracement forming wave 4 of a 5-3 Elliott Wave

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