Gold could be preparing to correct lower $1380/$1400 ??

2019年7月30日

Since the triangle termination E at $1266/67 in May 2019, the metal seems to have completed an impulse as labelled here. The (5)th Wave potentially terminated at $1452/53, could have reached $1460/65 as well. On lower timeframes, the drop between $1455 through $1414, can be termed as Wave A which was followed by a 3 wave corrective rally through $1435/36 (a-b-c not labelled here. b turned out to be a triangle). Termination at $1434/36 could be Wave B within the A-B-C Zigzag. Until prices stay below $1452/53, we could see a drop lower towards the $1380/$1400 region at least. It could go even deeper towards $1340/50 levels, which is fibonacci 0.618 support of previous rally. After the correction is over, Gold could be left with another impulse higher. Shall review it as price action unfolds.