FX:XAUUSD   Gold Spot / U.S. Dollar
464 14 6
I think it could be a good time to scalp bearish moves on the lower time intervals, as price shown strong hesitation at 1268 resistance area .

I will also look for a confirmation of a downside reversal for a more prolonged bearish move.

For now, it does look a bit concerning for gold             bulls, unless we decisively take 1268-1270 resistance

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snapshot


Inverted Head and Shoulder?
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Let's look for wave 4 pennant first before getting bearish without conformation... 5th wave up could be the decisive move that breaks 1268/70 resistance. But still open for gold making a flat to revisit 1180/70 again.
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Your already on a wave count up?

I have final 5th wave down (truncated thou) before a-b-c of Major B
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.. and that 1-5 wave count down (A) is from April of 2011.
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WallStScalper PRO QuantitativeExhaustion
To be honest it's difficult to make a very nice an easy count from 1180 low from new years eve, but gold is one among the heaviest manipulated so see 1180 as the wave 2 down and ever since a wave 3 up. And now caught between moving averages making the pennant. (4th wave)
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You're right about gold. Gold might be on 5 count up or a-b-c B. Sorry I was referring to silver, which is either way ahead or far behind. The two are not in sync at all.
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WallStScalper PRO QuantitativeExhaustion
No worries buddy! I agree completely in what you are saying here! :)
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Food for thought.. Historically Silver often leads when the two are out of sync. So does that mean gold is lagging and needs to break previous 1180 low?
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WallStScalper PRO QuantitativeExhaustion
I still have a flat as the alt. count as the empty bouillon vaults/US last attempt to short gold lower. There is no gold left in the west ...China and the Saudis owns it all.
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I keep on hearing this rumor. How did you confirm no gold in US vaults?
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