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Gold Breaks Below 4000 as Wave C Decline Extends
Gold broke below the 4000 level, and it remains under bearish pressure within wave C of a larger ABC corrective decline. We are actually observing an ending diagonal / wedge pattern within the wave C based on both 4H counts, so any recovery can be just a short-term pullback before a continuation lower with space even down to the 3600 area.
Big Picture:
On a higher degree time frame, we see gold trading in an impulsive fashion, but it's now in a wave four correction that can be slowly coming to an end later this year. Ideal strong support is in the 3900-3200 zone.
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