FX:XAUUSD   Gold Spot / U.S. Dollar
78 6 4
I think I drew this "resistance" box on my chart in early June, after presumed wave (2) looked complete. It's certainly lived up to it's name. Certainly possible to see a deeper pullback from here. Nothing suggesting an imminent rally yet. But get over resistance and gold             could resume strong performance.
Looking promising so far. Still want 5 waves up. Could be wave iii has already completed. Note negative divergence already forming on short term time scales.
nick.holland78 PRO nick.holland78
That is, still want 5 waves up to complete wave (i) off the low while holding over support. Breaking back into price territory of wave 1 would be a problem. Certainly into wave i territory is an obvious problem...
Nice reaction off the top of my support box. Right back to resistance (again). Let's see if price can push through this time. I can better refine targets for this moves after (i)-(ii) proves complete. Looks like perhaps only 3-waves up so far, so not out of the woods quite yet.
Blood in the streets!

Right to the target...positive divergences still holding.
Well, that was fast. Let's see if this positive divergence on MACD and RSI can hold.
Think I mentioned the potential for a deep retrace off what looked like a Leading Diagonal into the early August high. Corrective waves can take many forms - often difficult to predict. Here's one way this could resolve.
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