Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

GOLD : Bears Are Expected To Push Price Lower

|Includes: Randgold Resources Limited (GOLD)

Gold keeps trading lower with very aggressive and sharp decline since price broke the lower side of a trading channel near 1158. This typically occurs in wave three of an impulsive price action so it looks like that metals are headed back to the lows of 2015. In fact, leg from 11183 is extended that is now trading at 261.8% Fibo extension level. So ideally price will find some support here but only temporary for a bounce up in wave 4 before we go to even lower levels. Invalidation level is now at 1158 as long this one holds trend is down.

GOLD, 4H

gold, 4h

If you like our analysis, you can visit our website at --> www.ew-forecast.com