Gold 1 Hour Elliott Wave Analysis (9.8.2014)

As per preferred Elliott Wave view, we are labelling the decline from 1297 – 1260 as triple three structure also known as wxyz. We think this completed wave (( a )) down from 1297 and wave (( b )) has also completed at 1277. Gold is now expected to trade lower toward 1233 – 1246 region to end the cycle from 1297 peak resulting in a bounce which we don’t like buying into. Short-term bounces should now hold below 1272 peak