Chart update: now that the bull run is over, I've removed the intermediate and short term waves from the chart. In it's place, I've added a fib retracement that spans the date range from election night, 11/8/2016 through the present. It's very clear that Gold was not able to break through the . level and is now trading at the .50 level.
Gold is now knocking on the door of the . With 2 strong red Heikin-Ashi candles, odds are that price will now move in to the cloud. The conservative trader will want to wait for price to emerge on the downside of the cloud before going short. More aggressive traders will want to go short now, placing stops at the 6 day moving average.
The chart shows that the long term and short term POCs have move down and it is at this level the price closed today. This is more confirmation that the bull move is over.