Shortly before Gold's price fell rapidly early October, we made an analysis on 27th September where we forecast the fall with two scenarios as to what will happen after the crash.
As soon as price fell, we also call for a bullish move to at least $1302 for the first scenario and $1280 for the second scenario while still maintaining a larger degree bearish bias.
The correction was deeper than $1280 to $1307 thereby validating the first scenario and price now look bearish with a fast move just from the level we predicted for the first scenario. It's really getting interesting with Gold.
As soon as price fell, we also call for a bullish move to at least $1302 for the first scenario and $1280 for the second scenario while still maintaining a larger degree bearish bias.
The correction was deeper than $1280 to $1307 thereby validating the first scenario and price now look bearish with a fast move just from the level we predicted for the first scenario. It's really getting interesting with Gold.
With the first scenario in mind and a bearish bias, there is a high likelihood that the bears will resume.
The deep correction upside is a zigzag pattern and price breaking below 1285.5 is the first confirmation of a bearish move. A break below the zigzag rising trendline at 1264.6 looks very likely and below it, price will go down.
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| Sub_wave structure of the Zigzag Pattern |
There may be an intra_day correction upside before the crash.
The Election in the U.S may affect this expectation, so it's important to wait and see how price react and adjust to the outcome of the election.
To get regular updates on price movement of Gold more quickly, you can join our Commodity Analytical Channel on Telegram.
See you after the election.
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