Gold managed 1808 before breaking out of a reverse symmetrical triangle and dropping to the 1750 level of interest. Keeping an eye on the weekly close here as this could be the pivot for wave (ii).
We could also potentially see price drop further between the 1738 - 1717 levels highlighted before moving back up to complete the wave (ii) of C. Wave (iii) which should eventually bring gold back below the 1680 level. More on that when we get there.
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Disclaimer
This is not trading advice. All content/ information shared in this idea is purely educational in nature and is expected to be used for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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You also thought we would be at $1600 by November. Lol…no. We aren’t going to $1600. Asia has put a floor under gold at $1700-50. If we get back to $1750, buy with both hands. Inflation is not transitory, bonds are selling off, bitcoin selling off…you know where that money is going to go? Gold
Tradersweekly
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@joshuawoodcock, I have similar thoughts. Current environment is extremely bullish for gold even with tapering and possible rate hikes.
BeyondEdge
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@joshuawoodcock, Thanks for sharing. I had expected this move to play out slightly sooner but that’s neither here nor there. Although the sequence ended up being a longer one, the levels of interest highlighted are fairly accurate.
1916 is the invalidation level for this count. I see the correction continuing as long as price remains below this level. Will reassess if/when required. In my opinion, Gold won’t do anything notable until Q1/Q2 next year.
I won’t ‘lol’ like you did, but Bitcoin isn’t selling off. Not just yet anyway. It’s still in the latter phases of a bull run.
Tradersweekly
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Thanks for posting. Though, I am very bullish and I do not forsee 1600 USD per ounce of gold. Have a good luck with your trades!
BeyondEdge
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@Tradersweekly Thanks for your opinion. It very well may be that gold kicks on from here. Possibilities and probabilities… always prepared for when it doesn’t go to plan! Being adaptive is critical.