Given the sell off in recent weeks it looks like we are well into a bigger picture wave D of triangle B).
Current thoughts on a roadmap....
D looks too shallow at the moment so expect a low in the 1180-1220 area in coming weeks as USD strengthens a bit more and EURUSD to maybe 1.13 ish.
Then a rebound from around 1200 back to around 1300 over Q3 (a few months maybe) as USD takes a breather and EURUSD makes it back towards 1.20 area.
This should complete wave E and the triangle B).
If this view is correct then the following period (at least a year probably) will have Gold trade much lower from 1300 to sub 1000 as EURUSD heads well below 1.10.
Current thoughts on a roadmap....
D looks too shallow at the moment so expect a low in the 1180-1220 area in coming weeks as USD strengthens a bit more and EURUSD to maybe 1.13 ish.
Then a rebound from around 1200 back to around 1300 over Q3 (a few months maybe) as USD takes a breather and EURUSD makes it back towards 1.20 area.
This should complete wave E and the triangle B).
If this view is correct then the following period (at least a year probably) will have Gold trade much lower from 1300 to sub 1000 as EURUSD heads well below 1.10.
Trade active:
Patience is key. A short/med term bottom is either in place or poss on next swing low. A pullback from 1230 that stays above 1211 might be worth a long play with a stop below 1211 looking for a potential wave e of the big triangle B) of circa 6%-7% back towards 1300 zone. Then we would look for a potential longer term position trade (30% type move).