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Honestly, I am not sure if the previous steep gold decline ended in wave (3) or wave (5) already. However, the way it i shaping up, the current move up is losing strength and is looking like running out of steam at around $1280 - which would mark wave (1) low as strong resistance. So all indications are that we have only seen waves (1) to (3) and (4) is ending soon.
Another indication is that the 5th wave in the recent move up looks less like an impulse wave and more like a motive wave - with wave (i) ((minuete) being longer than wave (iii), meaning wave (v) will be the shortest. So the price may not reach $1280. I will be looking for a short entry. I don't have a target yet as price action is yet to unfold but around $1000 in the medium term is a reasonable expectation.
The global situation currently points towards strong demand for gold - but the momentum of gold remains downwards.
Let's see. Protect those funds.
Honestly, I am not sure if the previous steep gold decline ended in wave (3) or wave (5) already. However, the way it i shaping up, the current move up is losing strength and is looking like running out of steam at around $1280 - which would mark wave (1) low as strong resistance. So all indications are that we have only seen waves (1) to (3) and (4) is ending soon.
Another indication is that the 5th wave in the recent move up looks less like an impulse wave and more like a motive wave - with wave (i) ((minuete) being longer than wave (iii), meaning wave (v) will be the shortest. So the price may not reach $1280. I will be looking for a short entry. I don't have a target yet as price action is yet to unfold but around $1000 in the medium term is a reasonable expectation.
The global situation currently points towards strong demand for gold - but the momentum of gold remains downwards.
Let's see. Protect those funds.
Order cancelled:
Still keeping watch but this level didn't end up showing resistance.