Yesterday’s selloff generated a bearish impulse leg (see inset) whose imputed power would increase significantly if the downtrend breaches 1720.00 today. That would rack up a second ‘external’ low for an uncorrected move and shift our analytical focus to the midpoint of any subsequent leg down. That midpoint, still undetermined, would need to hold if December Gold is to avoid retracing a major piece of the rally from around 1600 begun in mid-August. Follow our trading advice in real time with a free trial subscription.
