Markets are slow with US stocks trapped in range as everyone waiting on the US CPI tomorrow.
GOLD 4h Elliott Wave Analysis
Gold made a sharp and strong turn down from 1850 area as expected after we noticed a completed ending diagonal in wave C of B). It’s very strong decline with a break below the trendline support that suggests more upcoming weakness into wave C) of E. Ideally we will see a continuation down now, after a)-b)-c) a corrective rally into 61.8% Fib. Drop below 1800 will suggest we are on the right track.
Palladium Daily Elliott Wave Analysis
Palladium made a nice three-wave A-B-C correction after we noticed five waves of decline from the highs, so we may now have a nice bearish setup formation. If we are right about bearish looking gold and silver, then even Palladium could sells-off, but keep in mind that bearish confirmation is only below 2000 level.
Gregor is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that, he was working for Capital Forex Group and TheLFB.com.
