GOLD: A Corrective Pause, Lower Prices To Come

22. Juli

Gold moved to new ATH as expected after price action from the last two months looked corrective. It was the fourth wave, ideally a triangle so that push higher, up to 2480 was a fifth wave of an extended III, now already done because of a sharp turn south last week. It looks like an intraday impulsive bearish reversal so more weakness can be coming, ideally down for a new higher degree wave IV. In such case, I will be tracking an A-B-C decline back to 2300-2340 area.

GH