GOLD Wave analyis
Gold is in a tricky spot now. A solid reversal has formed on one side, while it can be construed as a continuation pattern, as well.
On hindsight, it might look as a simple head and shoulder pattern which can give a bearish breakout.
But, if you look closely, it is currently in a Elliott wave formation and it is currently going through a correction in the form of a triangle wave.
There are good chances for both the patterns to play out. However, taking fundamentals into account, we expect the triangle pattern to render a bullish continuation pattern.
On hindsight, it might look as a simple head and shoulder pattern which can give a bearish breakout.
But, if you look closely, it is currently in a Elliott wave formation and it is currently going through a correction in the form of a triangle wave.
There are good chances for both the patterns to play out. However, taking fundamentals into account, we expect the triangle pattern to render a bullish continuation pattern.
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