Gold Prices Shape Diagonal Pattern

Gold prices appear to be forming an Elliott Wave diagonal pattern.

This pattern is confirmed on a break down below the support trend line near $1820.

If this is a leading diagonal, then a correction to $1710 is considered the next "normal" move.

If this is an ending diagonal, then a correction to below $1620 would be expected.

This pattern is valid so long as yesterday's high holds and the support trend line breaks.