RationalTrader
Long

waiting for breakout of weekly trendline

FX:XAUUSD   Gold Spot / U.S. Dollar
185 4 11
Wave 3 building momentum to go higher, heading towards 1.618 of wave 1.
Comment:

Longer term perspective:
For medium term I believe we will go higher. See the big falling wedge. It could imply a wave 4 or wave B in a bigger perspective, but for medium term on the weekly and daily chart I believe we will climb higher with gold:)
Comment:
more consolidation before break upwards. Lower limit around 1307
Comment:
Long term perspective
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Looks like we have similar views on gold short-term. And also it works well with oil as both are commodities and therefore should go together. But what's next after October? Would love to see a longer-term chart.
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Didn't see your request there before now here, but have a look at the chart below for my long term perspective on the weekly chart. For medium term I believe we will go higher. You see the big falling wedge on the weekly chart could imply a wave 4 or wave B in a bigger perspective, but for medium term on the weekly and daily chart, rest of 2016 and into 2017, I believe we will climb higher with gold:)
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minor corrections to chart above
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