Gold Update: Sideways Consolidation ^ $2,800 => $2,400-$2,500
Gold futures follow the path posted earlier (see related).
It dropped quickly and deeply within a correction to hit the $2,542 mark.
Next was a strong rebound that stalled just above 2.7k
Then we saw a series of zigzags that shaped a small consolidation
All of this indicates of the sideways consolidation pattern which implies the
box type flat correction with top and bottom of the range defined by all-time high ($2,802)
and the valley at $2,542. The height of the range is around 300 bucks.
Next step for the price to retest or only touch the all-time high,
further we might face another drop to retest the valley of $2,542 or even lower
to touch the bottom of the bullish channel. Another downside target is at 38.2% Fib at $2,400.
After that, the consolidation could be over and the bullish trend to resume with new impulse.
It dropped quickly and deeply within a correction to hit the $2,542 mark.
Next was a strong rebound that stalled just above 2.7k
Then we saw a series of zigzags that shaped a small consolidation
All of this indicates of the sideways consolidation pattern which implies the
box type flat correction with top and bottom of the range defined by all-time high ($2,802)
and the valley at $2,542. The height of the range is around 300 bucks.
Next step for the price to retest or only touch the all-time high,
further we might face another drop to retest the valley of $2,542 or even lower
to touch the bottom of the bullish channel. Another downside target is at 38.2% Fib at $2,400.
After that, the consolidation could be over and the bullish trend to resume with new impulse.
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