chessnut

Gold to take a hike - EW analysis.

FX:XAUUSD   Gold Spot / U.S. Dollar
318 0 2
Gold             has been bullish from long term lows. After reaching the 1300 target impulsively, it has now corrected correctively. This count outlines and flat abc that has unfolded, a 3-3-5. In the middle, a precious clue that gives us a strong buy signal in this area that rarely fails. The EW triangle is a pattern that occurs in wave B or wave IV position only, in other words it always occurs before a reversal of one larger fractal . Triangles always resolve violently - this one no exception. As we can conclude with high confidence this is a triangle, we can assume that a rally from nearby levels to at least 1280 can be expected. I think that the trend will continue breaking new highs from here above 1300 simply because of the quality form of this flat correction .
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