Stops cleared in Gold below 1180.00, sell off to continue? by Reece Marini

GOLD Weekly

GW

The bears have taken out a number of large stops that were sitting below the double bottom at 1180.00, the momentum is now likely to continue to pick up on the downside with the Elliott Wave fraternity targeting the 1035.00 level where wave 5 will be equal in length to wave 1 (Green).

GOLD H1

G1

The smart money has been seen selling into any 1:1 rallies that have presented themselves on this current drop lower, starting with the two 1:1 (Yellows) and most recent the 1:1 (Purple). A solid break below the 1161.00 will see further selling opportunities present themselves.

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