Completed 3 drives down structure – on the move up

Completed 3 drives down structure – on the move up

GOLD FUTURES COMEX:GC1!


Whilst a lot of focus was on the diagonal support structures for gold             , including a bottom at $1240, I prefer this more technical explanation.

The price has basically completed 3 drives down:

1) 1370 (top) to 1303
retrace to 61.8% line at 1328

2) 1328 to 1284 (1.272% extension)
retrace to 78.6% line at 1317

3) 1317 to 1261 (161.8% extension) = COMPLETE

We now need to see this back above the 1.272% Fib (1284) to confirm…