Hello everyone.
I am still sure that what we are currently seeing on gold is the 4th wave. However, we can't be 100% sure how long it lasts.
The key support line at 1672$, as well as the 61.8 fan line have not yet been broken, which means the buyers have more work to do and the bullish trend continues, after dropping the volumes at major oscillators (such as MACD, RSI and CCI - that all together resulted as if the metal was overbought, but the flat will prove them wrong)
Depending on the events of tomorrow, as well as the overall market perfomance we may see the beginning of the fifth wave. Don't forget that whenever the price breaks the support line approximately at 1740 level and does re-tests it (can't imagine how many SL orders are there), we're in the new bullish trend and new all-time highs.
Let me know if you have any questions and/or suggestions in the comments.
I am still sure that what we are currently seeing on gold is the 4th wave. However, we can't be 100% sure how long it lasts.
The key support line at 1672$, as well as the 61.8 fan line have not yet been broken, which means the buyers have more work to do and the bullish trend continues, after dropping the volumes at major oscillators (such as MACD, RSI and CCI - that all together resulted as if the metal was overbought, but the flat will prove them wrong)
Depending on the events of tomorrow, as well as the overall market perfomance we may see the beginning of the fifth wave. Don't forget that whenever the price breaks the support line approximately at 1740 level and does re-tests it (can't imagine how many SL orders are there), we're in the new bullish trend and new all-time highs.
Let me know if you have any questions and/or suggestions in the comments.