Gold drifted lower in the early part of the trading session before accelerating to the downside in the afternoon. Once the support at 1685 gave way, the market fell away dramatically, breaching key support at the Wave A low of 1672 and falling all the way to the 200 DMA at 1661 before finding some buying interest.
The breach of 1672 is a bearish development and portends lower prices ahead. The market has bounced mildly overnight and this morning, however the buying is less than enthusiastic and we expect the selling to resume shortly.
It appears that Wave 2 is now forming a "normal" ABC correction and we are in the final stages of Wave C.
For our subscribers at www.goldtradingexperts.com, today's video looks at our target for the Wave C low in detail and our reasoning in choosing this target.
The breach of 1672 is a bearish development and portends lower prices ahead. The market has bounced mildly overnight and this morning, however the buying is less than enthusiastic and we expect the selling to resume shortly.
It appears that Wave 2 is now forming a "normal" ABC correction and we are in the final stages of Wave C.
For our subscribers at www.goldtradingexperts.com, today's video looks at our target for the Wave C low in detail and our reasoning in choosing this target.