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12d • Charts + Analysis 📈📊
Gold Update
Date: 05/02
Just dropping a short update as to what the possibilities seem to be with Gold currently.
Scenario 1 - Gold completed its corrective and has bounced off the trend line shown in the previous post. This is the slow formation of the next rally with Gold about to complete Wave 1 of the next impulse. Since Gold had such a meteoric rise I don't think this outcome will stay valid but at the moment it still cannot be ruled out.
Scenario 2 - Gold completed the first leg (Wave A) of its fall creating a low around 4402. This pullback is now Wave B which will take some time to play out before we have the final move down in the form of Wave C. This move would break the trend line shown. I am more inclined to think that this scenario will play out and I will personally be looking to trade this structure. I'm still not planning to try short gold anywhere - Just trying to wait for the pattern to complete and a good Risk to reward trade to emerge, one that we can trade with certainty.
Let's wait and see how the price action develops. Charts below
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Gold Update
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