I had given a bullish view for gold earlier. The view was based on the bullish flag pattern which still holds good for the long term. However in this bullish long term pattern , gold is having its last leg downwards.

In my last post I had mentioned that gold will move up to around 1760 , from where it can start correcting again to its final culmination between 1500-1600.

From there will start the multiyear gold bullrun as per the elliot wave count.

Above analysis is based on elliot wave projections and theory. This theory is highly subjective(different people get different results.) Please consult your own certified financial consultant for the fundamentals of the markets before deploying your money.

However Elliot wave theory works on a principal of high probability.