Long Term Gold Analysis Update (1W)

Since I shared with you my earlier analysis about gold, it has pumped over 40%. https://www.tradingview.com/chart/XAUUSD/1y3jW6DZ-GOLD-ANALYSIS-1-W/

At the moment, I see a clear 5-wave uptrend from a long-term perspective and currently the price is declining.
In shorter timeframes there is a lot to discuss, but there is also lots of noise as well.

In the 12H chart, I believe that if the price can't reach $4900 soon, a big downside move is close.
An A-B-C correction has already formed and another A-B-C may be formed in the near future. We will call it a "double zig-zag".




Nevertheless, the price on the weekly seems bullish after a retracement. But you need to be careful in lower timeframes. The weekly chart shows a clear "wave 4" signal. And if it happens, we can see a 25% retracement from the current area, and after that, another big move can start.

This idea will be tag as "netural" because I believe Gold will retrace more before the main move.

Thanks for reading.
Skyress.