TWO SCANARIOS FOR THE GOLD

BULL SCENARIO

There is a strong support of 1162 – 1157. A new high above 1,180 would confirm an end to this downwards movement and the early stage of the next wave up.

BEAR SCENARIO

This wave count follows the bear count which sees primary wave 5 within cycle wave a as incomplete. At 957 primary wave 5 would reach equality in length with primary wave 1.

By Theodoros  Batsoulis
Technical Analyst
Risk Market
www.riskmarket.co.uk