Gold Retests Range of ATH

Gold seems to be looking for more upside action after withstanding a very sharp drop to end last week. Based on macro analysis, I believe that Gold will retest $2110 in the days ahead, however I'm also expecting this upside test to fail establishing support, ultimately sending price back below $1900.

What's your thoughts on the world's favorite 'safe-haven?

Comment:

DXY lookin tired, boss.

Trade active:

Playing the long ball. Active from $56 and $43.

I have to admit, I'm always looking for a good diagonal wave. Sometimes I miss them, sometimes I think I see them and they are not really there.

A drop from the trend line and support at the 0.618 retracement fib, would prove this diagonal wave to be true and send Gold on its way to a test near $2110.

Comment:

Comment:

Gold looks for a return to $2026, however, the buyers waiting there look like they will be very aggressive.

Trade active:

2026 should give gold enough suppport to eventually find its way to 2110 over the next week or so.

Trade active:

Late to this realization but Gold never hit the expected 0.786 fib level on the last big drop. I thought perhaps it had come close enough, but it appears not. Gold should continue to chop down until 1997 is tagged. The 2110 remains in tact. Trades are still active however, the longs I opened today will be closed near 2033 - will enter short on market open next week.

Comment:

A better look at the anticipated route to 1997..

Comment:

At this phase, the depth and form of the waves suggest that the upside trip towards $2110 is postponed and that the pending trip towards $2066 will only send gold lower. Its yet expected that Gold will see new all-time highs in 2024, however, it will likely slap downwards to $1880 first.

Comment:

Comment:

The push down to low $1980s forced me to reconsider the waveform I was expecting to see. Wondering if Gold may be up to more mischevious things.

Comment:

with a 5 wave move dropping price near $2013, its safe to safe that this level will not be low enough. remember that a 5 wave move is always seen in a pair (2) or a trio (3), unless you're looking at a flat correction where wave C is always 5 waves.

Comment:

Slightly off with the calibration of the wave right now. Should be fully on track soon...