Chart trend: Short
Main price points: 909, 865, 840
Looking for: Lower wave v of blue wave III)
Gold is trading lower in perfect fashion after the break-out through the blue support line, discussed this week. The black wave v of an extended wave III) now looks to be on the way with the next target at 865 dollars per ounce. If the break-out appears in this area then we may even see deeper prices, somewhere around the 161.8% Fibonacci extension of black wave iv. The critical resistance area remains the same, at the 909 level, so long as the market trades above the lows of the black wave iii.
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