FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Just a little update to how I am currently seeing gold price behavior and the pattern that lies ahead. It makes sense. This next push should bring gold up to the $1400 range and then be the end of the large B wave. You know what comes next right!? The big C
Comment: gold on the 4 hour
The count I see right now. If we have started wave 4 then it should be around a .618% retracement since the first retracement was .382% range. Time will tell. But I do not think there is a safe play in either Jnug or jdst right now.
Comment: I have not posted about gold for a little while now. Mostly because it needed time to work its way out. It has been following my drawing pretty well which is also why I have not been trading it. This kind of small sideways chop is bad for the miners trade in my opinion.

But I do see a little more downside before a rally to the $1400 range. We may bottom in late May. I am waiting to see if there is anything left for gold but this may be the last rally before gold starts its big drop to the $600 range. Yep...I still think its going down there before a real rally starts. Take a step back and look at all the stuff that has been going on over the last year and ask yourself...has gold been looking strong. I say no. It looks like a B wave that is showing weakness near its end.
Comment:
Haven't done Gold in a while. Been frustrate with its slow sideways movement. Went a little lower than I thought. I don't think it will break below the blue trend line. Not to mention, its at the end of its cycle. So I thought jumping into Jnug is about right. GL to Me.
THANKS FOR THE UPDATE SAL.
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