With drop to 1745 Gold has completed 50% Fibonacci Retracement of up wave from 1681 Low to 1808 high.
Daily Chart shows a straight fall for five days while Stochastics approach oversold Territory calling for a rebound towards broken support turned resistance areas of 1777 and 1783
Our view is that Gold is like to drop to 61.8% Fibonacci level at 1730 and start a Bullish Reversal which initially aims for retest of 1777 and 1783.
A decisive consolidation above this supply zone should provide enough energy to the momentum to advance towards swing high 1808.
Elliot Wave count indicates that 1681 to 1808 has completed Wave A-B and 1808 to 1730 will complete Wave B-C with 61.8% retracement of Wave A-B.
Wave C-D should be targeting Gold to reach 1856 over the next few weeks.
Note: Break below 1700 will invalidate the formation.
Disclaimer: The above illustration is a only a Technical Study with an overview and does not purport to be an investment advice.
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