Elliot Wave View: Gold (XAUUSD) Bearish Seqeunce ahead

GOLD PRICE OUTLOOK:

Gold prices pulled back for a second day as the DXY US Dollar strengthened

Demand for Fed’s reverse repo facility surged to an all-time high, hinting at excessive liquidity conditions that support the case for tapering

The Fed balance sheet hit a record $8 trillion. A slowdown in the pace of expansion may undermine the yellow metal


Technically, gold prices breached below the floor of an “Ascending Channel”, potentially leading to a bearish trend reversal. Prices also broke a “Wedge” pattern, hinting at further losses with an eye on $1,825 (38.3% Fibonacci retracement) for support.


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