By Orbex
Gold seems to be forming a downward correction trend. This takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree.
Most likely, the four parts of this triple zigzag are already fully complete. We are now in the final actionary wave Ⓩ. It is likely that it will be simple in form and will take the form of a bearish zigzag (A)-(B)-(C).
Currently, the intermediate wave (A) and the bullish correction (B) in the form of a minor triple zigzag, have ended.
At the time of writing, we can notice a decrease in the last wave (C). This takes the form of an impulse consisting of minor sub-waves 1-2-3-4-5. The impulse decline could end near the level of 1721.96. That level was marked by the intervening wave (X), which is part of the primary wave Ⓧ.
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In the second scenario, the intermediate correction wave (B) is still continuing its development. Most likely it could also take the form of a minor triple W-X-Y-X-Z zigzag.
We can assume that the decline in the minor intervening wave X has ended. Therefore the market could rise in the final actionary wave Z in the near future.
Most likely, the price will rise to the level of 1850.24, where the correction (B) will be at 76.4% of impulse (A).
Article by Orbex
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