Will decline of Gold be extended to lower levels in the coming weeks?

In a bearish alternate view on the weekly chart frame, bearish strength of the leading diagonal formation as wave (1), would infer to extend the following waves on the down trend persistently. Based on the concept, fifth wave of the five-wave sequence A(circled), may be extended to lower levels.

How far down can the ongoing fifth-wave be expected to extend?

According to the bearish alternative, A common fibo-expansion target for the extended wave (5) of A(circled), could be around the 950 level, where would be established an equality ratio with the wave (1).

Gold - Weekly


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