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GOLD consolidates after wave C exceeded its 100% expansion; outlook remains negative

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GOLD Spot Gold consolidates above fresh session low after it met targets at 1214/12 (Fibo 100% Expansion of wave C from 1270 and Fibo 76.4% retracement of 1190/1283 rally. Yesterday’s sharp fall of $27, left long red daily candle, generating strong bearish signal. Failure swing pattern was formed on daily chart, after the price fell and closed below former key support at 1225 (former higher base / Fibo 61.8% of 1190/1283 rally), signaling further downside action, as daily studies turned into

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