Gold Bulls Deny Bearish Continuation and Eye $2400 Target

My previous read of Gold's wavemap has been proven invalid through price action. Any chance of a drop to the levels of 17xx have been very likely denied considering today's price action. With the removal of certain possibilities, only a couple similar options remain on the table. With anticipated support to come near the levels of $1830-$1870, I expect Bulls to continue their dominance up to the heights of $2300-$2400 before any macro bear sighting is found. Congrats to all buyers and good luck in the future to all others.

Comment:

Comment:

Constantly searching for signals through price action, I have no shame in adjusting perspective based on the moves that are realized through chart movements. Initially (when this post was made), I though XAU would flesh out a pretty weak Running Flat correction but based on the internal movements observed since posting, it seems that B Wave of the Flat will indeed reach towards the 1.38 extension level of Wave A (between $2024 and $2065)

Considering that this should be a 3 swing move, I expect that the first swing will terminate near the range of 1960-1970 before making a mid-wave correction.

On Daily and Weekly charts, there is no serious bear/resistance anywhere near current price of 1930 though (hourly/daily) oscillators suggest that the levels are already overbought.

In the bigger picture, price action from this week has removed all bearish perspective from my thought process and I am highly doubtful that XAU makes a break below $1835 at any point during the 2023 calendar year.

Will update this post next month (or as meaningful, macro invalidations are discovered).

Order cancelled:

see most recent XAU idea below.