Scattered gold bars on black table by Varga_photography via Adobe Stock
Gold broke below the 4000 level, and it remains under bearish pressure within wave C of a larger ABC corrective decline. We are actually observing an ending diagonal / wedge pattern within the wave C based on both 4H counts, so any recovery can be just a short-term pullback before a continuation lower with space even down to the 3600 area.
Big Picture:
On a higher degree time frame, we see gold trading in an impulsive fashion, but it's now in a wave four correction that can be slowly coming to an end later this year. Ideal strong support is in the 3900-3200 zone.
This article contains syndicated content. We have not reviewed, approved, or endorsed the content, and may receive compensation for placement of the content on this site. For more information please view the Barchart Disclosure Policy here.
/An%20Intel%20sign%20out%20front%20of%20a%20corporate%20office%20by%20wolterke%20via%20Adobe%20Stock.jpeg)
/A%20close-up%20of%20a%20SpaceX%20sign%20by%20Sundry%20Photography%20via%20Adobe%20Stock.jpeg)
/A%20close-up%20of%20the%20Broadcom%20logo%20on%20a%20smartphone%20by%20Timon%20via%20Adobe%20Stock.jpeg)