Gold - Next bull wave already underway ?!?
Updated
Gold lost 42 USD over the last 4 trading days and briefly touched 1,315 USD intraday..
The recovery since then is bullish and could indeed be the beginning of the final 5th wave up targeting around 1,375 - 1,400 USD.
1h and 4h chart getting overbought already so an immediate entry does not make too much sense but it could very well mean that anybody who got stopped out during the recent pullback is now running behind rising prices...
There is still a chance that gold makes one more leg down into my ideal buying zone 1,315 - 1,295 USD... but I am not so sure about this anymore..
We need to stay patient here...
My recommendation: buy gold on any small pullback below 1,330 USD and especially below 1,320 USD...
You need to give it a wide stop meaning 1,280 USD or lower...
The recovery since then is bullish and could indeed be the beginning of the final 5th wave up targeting around 1,375 - 1,400 USD.
1h and 4h chart getting overbought already so an immediate entry does not make too much sense but it could very well mean that anybody who got stopped out during the recent pullback is now running behind rising prices...
There is still a chance that gold makes one more leg down into my ideal buying zone 1,315 - 1,295 USD... but I am not so sure about this anymore..
We need to stay patient here...
My recommendation: buy gold on any small pullback below 1,330 USD and especially below 1,320 USD...
You need to give it a wide stop meaning 1,280 USD or lower...
Note
Looks like gold is going to make a new low in the pullback. 1h very oversold, 4h getting oversold. I continue to beliebe that downside is limited and that we will still get one more wave up..
Ideal buying zone 1,315 - 1,295 USD
Stopps below 1,280 USD
Note
10 days later its getting more and more clear that gold is in trouble.. we got a quick but short-lived bounce on Monday.. since then gold gave back all those gains rather quickly and even touched 1,277 USD already...I think the scenario of a final 5th wave is getting more and more unlikely..
Instead gold will probably sell off further down towards 1,265-1,262 USD. From here a dramatic bounce/recovery should be expected.. probably towards 1,335/1.345 USD. room here the final C wave could then take gold down to the 200MA around 1,245 USD....
I am patiently standing at the sidelines waiting for signals that a bounce from around 1,265 USD might have started from extremely oversold levels ...
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