Elliott Wave Analysis: Correction on Gold Points Higher!
Gregor Horvat of Elliott Wave Service - InsideFutures.com - Wed Jun 12, 3:32AM CDT

Hello traders,

Gold is trading bullish, in a five-wave rise from end of April. We can see a recently completed leg 3 with five of its waves at the 1350 level, from where price started to drop sharply as seen on the chart. This drop can be part of three-wave correction, with possible support around the Fibonacci ratio of 38.2/50.0 (1320/1310 area).

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Gold, 4h

gold, 4h