Gold in a major dowtrend
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Expect gold to run lower in 2017. We're inside a larger wedge, -a possible wave A of a bigger ABC correction on the monthly timeframe. Upswings should as I see it now only be seen as temporarily corrections. The closer we get towards the apex of the wedge, a breakout upwards will be likely.
Next level to see how price behaves now is 1171, fib 0.382 of the current down-leg.
Next level to see how price behaves now is 1171, fib 0.382 of the current down-leg.
Note
Structure viewed on the monthly timeframe
Note
Looking for reverse at soon apporaching fib 0.618
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