Gold had dropped through $1791/93 lows yesterday before pulling back higher through $1808/09 levels. The yellow metal might have completed an expanded flat corrective wave structure and might be ready to resume lower towards $1785 levels from here.
Gold might be unfolding a corrective wave a-b-c since $1834 highs print on July 15, 2021. Within the correction, the yellow metal might have already carved Waves A and B around $1796 and $1824 levels respectively.
Wave C might be unfolding since then and might be terminating close to $1780/85 levels going forward. Also note that the Elliott Channel support comes in around $1785, along with fibonacci 0.618 retracement passing through $1782 levels respectively.
Also note that Gold might be within a counter trend rally since $1750 lows, and could be carving a larger degree A-B-C rally towards $1847/50 levels going forwards. A drop towards $1785 might terminate Wave B, before Wave C rally could resume higher towards $1847 levels.
Traders might want to position themselves on the short side for 1-2 trading or until prices drop towards $1785 mark. A bullish bounce could be expected thereafter, pushing prices towards $1847 levels.
The Profinacademy.com Team
Bitcoin dropped close to $46000 mark on Monday before finding support again. The crypto is seen to be trading around $46500 mark at the time of writing as bulls remain inclined to be back in control.
The US dollar index spiked through 96.85 mark on Wednesday on the back of the Federal Reserve interest rate decision.
EURUSD is finding support from its consolidation lower range around 1.1260-70 and could resume its rally from here soon.