More downside for gold.
I see the gold with a downtrend that ends around 1600 - 1500 USD. In a nutshell, my counting is as follows:
I expect that this downtrend ends around 1600 - 1500 USD because the 0.786 Fib retracement is the mean reversion point for any selloff. After that, we may see the gold consolidate for a long time until the inflation expectations are materialized (maybe with yield curve control from the FED).
Any thoughts or opinions are more than welcome.
PS: If you analyze carefully, this structure is identical to the Wallstreet cheat sheet.
- The corona selloff sets a paradigm shift globally, so it is justified to assert that we count three impulsive waves from March to mid-July, with a structure of 5-3-5-3-5.
- The top comes at the 2076 USD, with a double three correction, and finally, there is a clear channel with a triple combo wave.
I expect that this downtrend ends around 1600 - 1500 USD because the 0.786 Fib retracement is the mean reversion point for any selloff. After that, we may see the gold consolidate for a long time until the inflation expectations are materialized (maybe with yield curve control from the FED).
Any thoughts or opinions are more than welcome.
PS: If you analyze carefully, this structure is identical to the Wallstreet cheat sheet.
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