Gold turned lower yesterday after finding resistance around 1753 and has continued to sell off overnight.
The market did not reach the 20 DMA we were targeting for the bounce and the market looks poised for another leg down.
The 1733 level should provide some support, being the 23.6% retracement of the move from the May 2012 low, though we expect the price to break below this level.
Today's video looks at the wave count for the correction and our targets for this Wave 2.
The market did not reach the 20 DMA we were targeting for the bounce and the market looks poised for another leg down.
The 1733 level should provide some support, being the 23.6% retracement of the move from the May 2012 low, though we expect the price to break below this level.
Today's video looks at the wave count for the correction and our targets for this Wave 2.