GOLD Looks For Recovery Towards 1236 Area

Gold has turned up from a new low this week after a completed ending diagonal at 1190. Ending diagonal is a reversal pattern that occurred in position of a fifth wave so we assume that at least short-term recovery is underway possibly even back to former wave four that comes in at 1236. For now rally from the low is in three waves, but if we will be able to count five waves up then we will immediately turn bullish on metal, for a much higher degree.
GOLD 4h Elliott Wave Analysis