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Relief rally for gold around the corner

After breaking down from the sideways consolidation,gold saw a sharp decline last week. The decline was a clean five-wave decline. After a five-wave decline, we generally get a retracement of the five-wave decline as per the Elliott wave principle. The daily momentum indicator showed an oversold reading, which indicates a near-term bounce is around the corner. In the last trading session, it broke out of the downward sloping channel. We expect gold to trade with a positive bias going ahead for targets of $1,331, which is the 61.8% of the fall, and $1366, which is the 40-day exponential moving average. The crucial support is placed at $1,180, which is the low it touched in the last trading session.

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