The gold price has made a sharp decline yesterday and has found support at the 38% Fibonacci retracement of the rise from $1,240 to $1,346. The decline is impulsive. This means that more downside should be expected. The gold price has broken below the Ichimoku cloud support and below the trend line support. The trend is bearish.
The gold price is forming a bearish flag in the 4 hour chart. Going below $1,303 will break the flag and push the gold price towards $1,290-80 support at the 50% or 61.8% retracement. The decline from $1,346 is impulsive. Currently, we are in wave 4 and should see a wave 5 down to complete the 1st impulsive wave of the expcted long-term decline towards $1,000.
The gold price has most probably completed wave E of wave 4 of the triangle. I expect wave 5 to move towards $1,000. Short-term stop for short positions is $1,346. The triangle scenario will be canceled if price breaks above $1,391.
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