What does GOLD know?
The last analysis on gold was correct in that the rise did happen and I had talked about it, but this rise went far beyond my expectations. As a result, in my view, the last analysis is now invalid.
When I zoom out on the chart, I really see that the rise has been extraordinarily strong. However, in the most recent correction that started from 4381 (the red box), there is clear price similarity with the b-d-f-h waves.
From my perspective, there are three possible scenarios:
1- Either a new pattern is unfolding that is quite rare and we can’t always expect to see such a pattern.
2- The recent correction starting from 4381 (red box) should be considered an X wave, in which case gold’s rise could still continue.
3- We might still be inside wave-(i) of (E), which is extending — one of those exceptions I mentioned earlier regarding Diametrics and Symmetricals that you’re aware of. In this case, the maximum price gold could reach would be around $6900.
One interesting point that comes to mind:
From experience, whenever we have more than 2 scenarios on the table, it usually means we are in the middle of a strong rise and the move is likely to continue!!!! These are extremely confusing conditions, and if you’re feeling the same way, know that you’re not alone. What does gold know that it’s rising at such speed?? The most probable trigger these days, with all the news around, could be the potential conflict/war between Iran and the US!!
Honestly, at these price levels, I have no recommendation to buy or even sell because the rise has been huge, fast, and violent. In my opinion, if you want to enter, do it with small capital only, and never forget to set a stop-loss.
Good luck
NEoWave Chart
