Elliott Wave Analysis: GOLD Trading From The Highs

Good day traders! Today's focus is on Gold and its intra-day activity.

Gold is making an extended decline, clearly in impulsive fashion down from Sep 08 high, so we assume that bigger corrective drop is underway. As such, we labeled current wave down as A, so more weakness will be expected after a temporary bounce up in wave B which may retrace even back to 1340/45 gap area.

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gold, 1h

Disclosure: Please be informed that information we provide is NOT atrading recommendation or investment advice. All our work is for educational purposes only.