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The current Gold chart shows a large correction pattern, which takes the form of a cycle triple zigzag.
The last section of the chart shows the structure of the bearish cycle intervening wave x, which looks completed in the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
Perhaps in the next coming trading days, the market will turn around and start moving up, in the initial part of the cycle wave z. It may take the form of a primary standard zigzag Ⓐ-Ⓑ-Ⓒ, as shown in the chart.
The price of gold in the wave z may rise to the price mark of 1865.77. At that level, it will be at 61.8% of previous actionary wave y.
Let’s consider the second scenario, where the downward movement of the pair continues in the cycle wave x. The final primary wave is under development.
Thus, a downward movement of XAUUSD is expected in the near future. The primary wave Ⓩ may take the form of an intermediate zigzag (A)-(B)-(C).
The final of the correction pattern zigzag (A)-(B)-(C) is possible near 1566.12. At that level, primary wave Ⓩ will be at 76.4% of primary wave Ⓨ.
Only after reaching the specified level, the development of the cycle wave z will begin.
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Image and article originally from www.fxstreet.com. Read the original article here.