Elliott Wave specialist Tony Sycamore at TECHFX TRADERS says gold remains strong in the medium-term.
Sycamore thinks Gold has completed a Wave III high at $2075 and is midway through a Wave IV Correction (see Chart 1). Once the correction from the $2075 high is complete he expects the uptrend to continue but he is unsure whether the correction low is already in at $1862 or if it will head lower towards 1800 (see Chart 2). A break above resistance at $1978/80 would signal the correction has ended.
Either way, Sycamore is bullish in the medium-term and is looking for an appropriate set-up to go long.
