GOLD – The Fight is Still On
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Dear Traders,
GOLD is keeping traders at the edge of their seat. Today’s analysis will provide a brief technical and wave update on GOLD.
Still a Tug of War But…
Bulls have gained the upper hand again for the moment. From a wave perspective, Gold seems to have formed a small diagonal (wave a or 1) followed by a quick drop (b or 2), and another impulsive move to the upside (c or 1 of 3).
The fact is that this structure could still be either just a corrective ABC before a bigger fall or the beginning of more upside.
From a technical perspective, price broke above the 21EMA of the 4 hour chart and produced a strong bullish daily candle close above 1300, all of which favors a bullish scenario. But there is more work to do as price will soon encounter the long-term moving averages of the daily and 4 hour charts between 1307 and 1311.
Nevertheless, upwards continuation becomes a lot more likely as soon as we get the beginnings of another impulsive bullish swing after a brief downward correction.
On the other hand, another break below 1287.90 should prove fatal for bulls.
Place your bets and hold on tight!!
All the best along your trading journey
Hubert
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