Gold Intraday New Low Review

What looked like a promising run on another leg up, gold died this morning and crashed to a new low. Now we have what looks like a set of 5 waves heading down.   This could all bring us to another “A” wave if we are just part of the way through. Gold could react violently to the upside, but gold would run out of steam at some point. 

Right from the early June peak, gold started with a diagonal move,  so that set the tone for the rest of the decline. Is there a chance that one single zigzag, is still in progress? There sure is,  but then I would want to see gold head a bit lower in the short term. 

Longer term I’m very bullish on gold, but short term it sure does not look like it is heading north.  Looks are deceiving with Elliott Waves, especially in commodities where diagonal waves seem to dominate.  Silver is another one of those assets that have extreme diagonal waves in its structure. When I see analysts struggling to fill in a silver bull market with impulse waves, then I know they don’t understand diagonal wave structures.