Gold is proposed to be doing a ((w))-((x))-((y)) Elliott wave structure 1224 (4/6) high. Wave ((w)) ended at 1183.60, wave ((x)) completed at 1209.09 and wave ((y)) lower is proposed to be in progress. We need to see a break below 1183.60 (4/14) low to add more conviction to this view as that would make it 5 swings down from 1224 high and open an extension lower. 1184 – 1178 seems to be the ideal area to complete 5th swing i.e. wave (w) of ((y)) before we get a bounce in wave (x) and lower again toward 1168 – 1159 area to complete 7 swing Elliott wave cycle lower from 4/6 (1224) peak. If wave (w) ends at 1184, then 1197 – 1200 would be 50 – 61.8 fib area for completion of wave (x). We don’t like buying the metal in proposed (x) wave bounce. Worth mentioning that failure to break below 1183.60 may lead to further consolidation in the form of a triangle or even a double correction in wave ((x)).
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