Gold Resumes Decline, Elliott Wave Targets $3400
Spot gold continues its bearish correction from January highs, with an Elliott Wave pattern suggesting further downside toward $3400.
XAUUSD
Gold has extended its decline as the bearish Elliott Wave sequence from the January 29 peak remains incomplete. The move lower from the April 17 high is unfolding as a double three pattern, indicating additional downside risk.
Analysts tracking the wave structure see potential for prices to drop toward the $3400 area in the coming sessions. The current correction contrasts with the prior uptrend and suggests a deeper retracement may be underway.
Traders should monitor key support levels as the pattern develops.
Source: FXStreet Forex News