Gold is getting ready to make a longer term move higher and breakout of it 5 year correction period.
On the weekly chart of GLD the ETF that tracks the Precious meatal after identifying an A-B-C purple correction from the all time highs in September 09 The wave count that I'm tracking starting from the purple C in December 15 is a 1st purple impulse wave that ended on July 16 From there a correction purple 2end wave that retraced 76.4% of the purple 1st wave. Gold looks to be in a longer term purple 3erd wave higher. Also to note is that a trend line from the highs of Sep 09 was broking and today (Aug 28) Gold just took out the highs of the year @123 (1,295.46 - 1,300 OZ) which was key Resistance.
Note:
On the weekly chart of GLD the ETF that tracks the Precious meatal after identifying an A-B-C purple correction from the all time highs in September 09 The wave count that I'm tracking starting from the purple C in December 15 is a 1st purple impulse wave that ended on July 16 From there a correction purple 2end wave that retraced 76.4% of the purple 1st wave. Gold looks to be in a longer term purple 3erd wave higher. Also to note is that a trend line from the highs of Sep 09 was broking and today (Aug 28) Gold just took out the highs of the year @123 (1,295.46 - 1,300 OZ) which was key Resistance.
Note:
- Medium Term Target @131.00 (1,374.50 OZ) Highs of 2016
- Tracking price in a blue wave 3 of a long term purple 3erd wave
