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Gold price has pulled back down breaking short-term support and the upward sloping trend channel. Gold price is trading now at $1,314 and as we predicted yesterday a short-term top is placed above $1,325 and this is most probably wave A. We also gave a target for the pull back yesterday and it seems we are close to reaching it. Wave B down has started and is expected to move towards the Ichimoku cloud.
My pullback target for wave B down is between $1,300 and $1,308. This does not mean that the decline that started yesterday cannot go any lower. As far as the bigger structure is concerned, I believe that once this decline is over near $1,300, we should anticipate another move higher in Gold price towards $1,350.
Gold did not manage to stay above the 38% retracement. This rejection will bring Gold price lower. The final end of the upward corrective move I expect to be near the 50% retracement. However, a break below $1,275 could change this scenario. The long-term trend is down and we should mainly focus on short positions as the longer-term target is $1,100.
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