Despite today's market mood, gold continued to sell off in line with the trend. The 5th Elliott wave touched the 1240 handle today as expected. Also testing the daily trend line, a bounce will make it a 3rd touch and a confirmed trend line. The previous low at 1236 as the level to break for a continuation of the down trend and could be used to re-enter the trade. Alternatively, we could get corrective Elliott waves after a downtrend.
Happy Trading!
Happy Trading!