Gold is trading lower, now making a final drop within final wave 5. As we can see the upper channel line reacted as a resistance for the previous blue wave iv; which means current drop represents sub-wave v of five. That said, downside can still be limited in the near-term around Fibonacci ratio of 200.0. From the mentioned region, a new minimum three wave reversal higher can come in play. Even the relative strength index is pointing to the upside.
GOLD, 1H
