Gold looks like it just completed the correction it started in August 2020. I have this as a WXY correction with wave w being an abc, wave x being a wxy, and wave y being another abc. We hit 1.272 fib extension of wave a-b within the wave y, and we have divergence on lower time frames.
We can also take a look at popular gold ETFs for confluence:
IAU: Perfect 1.272 fib extension, and a clean WXY
GLD: Chart looks the same as IAU and GC! futures. Nice clean WXY with a perfect 1.272 fib extension
Ways to trade gold:
- ETFs: GLD and IAU, if you want to do long term options, I would trade IAU and avoid GLD as the options volume on GLD is not optimal
- Gold futures
- Buying the commodity itself
It is also important to always consider other possible scenarios. It is possible that we in fact have another wave down on gold, although I haven't considered this as my primary count due to the fact that both major gold ETFs look done:
We can also take a look at popular gold ETFs for confluence:
IAU: Perfect 1.272 fib extension, and a clean WXY
GLD: Chart looks the same as IAU and GC! futures. Nice clean WXY with a perfect 1.272 fib extension
Ways to trade gold:
- ETFs: GLD and IAU, if you want to do long term options, I would trade IAU and avoid GLD as the options volume on GLD is not optimal
- Gold futures
- Buying the commodity itself
It is also important to always consider other possible scenarios. It is possible that we in fact have another wave down on gold, although I haven't considered this as my primary count due to the fact that both major gold ETFs look done:
Note
UPDATE: Looking very good so far, another buy opportunity has been highlighted by the blue boxNote
Hit by other buy opportunity perfectly, we are now heading to 2100+ usd
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.