Gold is right now in a very strong extended 5th wave.
It has finished what I believe to be the third wave of that 5th wave, so now we are entering the 4th wave of the 5th wave.
I believe it will be a very shallow 4th wave, and considering the speed of things, it will not retrace further than around the 3,000 level. and here on after continue up with the 5th wave.
Normally we would anticipate retracement back to the 38.6% fib level, which is at the 2,766 level, but gold is storming and not looking back right now.
When Gold has retraced a little, I would not be surprised if it is heading for the 4,000 level.
It has finished what I believe to be the third wave of that 5th wave, so now we are entering the 4th wave of the 5th wave.
I believe it will be a very shallow 4th wave, and considering the speed of things, it will not retrace further than around the 3,000 level. and here on after continue up with the 5th wave.
Normally we would anticipate retracement back to the 38.6% fib level, which is at the 2,766 level, but gold is storming and not looking back right now.
When Gold has retraced a little, I would not be surprised if it is heading for the 4,000 level.
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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.