Gold Rally to $4204 Rejected, Elliott Wave Points to Downside
Elliott Wave analysis indicates Gold (XAU/USD) completed wave ((B)) at $4204 and has turned lower in wave ((C)), which is unfolding as a five-wave pattern suggesting further downside.
XAUUSD
The short-term Elliott Wave outlook for Gold (XAU/USD) shows that the rally to $4204 marked the completion of wave ((B)). Since then, the metal has reversed course and is now declining in wave ((C)).
Wave ((C)) is currently unfolding as a five-wave structure, which typically implies a sustained directional move. The analysis maintains a bearish bias while this corrective wave remains in progress.
A video embedded in the original post provides further technical detail on the count and key levels to watch.
Source: FXStreet Forex News