On 3rd July we told you that 1100 is visible in the long term for gold prices. It was because of a triangle pattern, which was supposed to be broken to the downside. Now, two months later, 1100 does not seem to be such a distant perspective anymore, since the triangle has already been broken, as you will see on the chart below.
From now one we can consider this corrective pattern completed, which means that the larger downtrend should take the price of gold below the support level of 1180. According to the Elliott Wave Principle‘s target measurements, 1100 looks highly probable.
