Comex Gold

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 Comex Gold 4 hour chart 


Analysis

As seen in the above chart, prices which were moving in a rising channel is now broken thereby opening negative possibilities. Also it is now moving in a lower highs and lower lows and persisting in the falling channel. However, RSI is exhibiting positive divergence.

From Waves perspective, prices have completed wave a and is now opening wave b higher, which can go towards 80% of the recent fall from $2050- $1894 levels, which comes to $2020 levels. The level of $2020 is only possible once the level of $1940 is taken out decisively. Failure to do so will negate the upside target.

The summation is Comex Gold can move higher towards $2020 levels once the level of $1940 is taken out decisively. Failure to do so will continue the down move towards $1850 levels.

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