Gold Is Coming Into $1900 Support
Gold's anticipated descent materializes as it follows the projected bearish triangle consolidation.
Gold is coming down as expected, as we talked about in the article here.
Gold has been trading mostly sideways since the beginning of June, which we saw as a bearish triangle consolidation within wave (4). As you can see, now, at the end of June, it's coming even lower, ideally into the final wave (5), before we will see a stabilization.
The RSI indicator is already showing a divergence, but there can be still room down to the 1900 support level within a potential ending diagonal (wedge) pattern before we will see a recovery.
Notice that a five-wave cycle can belong either to wave C of an A-B-C irregular/expanded flat correction or maybe even as part of the first leg A of a deeper corrective decline. However, in both cases we can expect a recovery in a minimum of three waves soon.
Slow three-wave corrective recovery will be most likely signal for more weakness later this year, but if we will get strong sharp or impulsive rally back above the 2000 level, then bulls could extend the rally in the second part of 2023.
Have a nice weekend.