Gold fell quite nicely this month, most-likely into a corrective set-back in wave 2), which we labeled as double zig-zag. As we see price has now seven legs to the downside that was needed for a completion of a pattern which gives us an idea that metal found a low. Further evidence that suggest more upside could now be happening based on impulsive reaction from 1310 area, where we labeled end of final leg C). Ideally price will now breakout of a downward channel which would then make room for much higher levels ahead.

GOLD, 4HQ