XAUUSD early 2016 low is under attack
The 3 day chart shows XAUUSD has broken the trend since December 2016. In the big picture, The downtrend that started in July of 2016 has resumed and I believe we will eclipse the December 2015 low. According to my interpretation of Elliott Wave theory, July 2016 started Wave C of the downtrend and the decline that started April 17, 2017 is fractal C within wave C. Also, the 3 day stochastic since December 2016 shows an ABC countertrend pattern. My raw projection for a bottom is slightly below the December 2015 low. I will provide a more specific projection later. However, it definitely appears that this summer we are destined to conclude this multi year bear trend in gold.
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