The price of gold has been consolidating around 1900 USD since the beginning of October. The current consolidation looks like the one observed in August. When it has finished the price dropped and the new consolidation has been created.
If the scenario repeats itself we may expect another drop as wave C. Then the whole correction labeled as “ABC” could be finished and the price of gold may begin another upward movement. This scenario could be confirmed by the USD 1936 breakout.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
If the scenario repeats itself we may expect another drop as wave C. Then the whole correction labeled as “ABC” could be finished and the price of gold may begin another upward movement. This scenario could be confirmed by the USD 1936 breakout.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.