Gold (COMEX:GCU14) is at new lows after breaking down from a wave b) triangle. We see prices now drifting lower within wave c), final leg of a corrective wave b) that is underway since mid-July. As such, current bearish swings can be in final stages, so bears may find a base around $1,270-$1,280 region in the near future. An impulsive rally from that region and back above $1,303 will be an important evidence for a bullish reversal.
Gold 4-hour Elliott Wave Analysis
Next page: S&P 500