Short Term Update:
Gold was sharply lower yesterday’s day session, and that trend lower has continued in the overnight session as we have reached a low of 1941.20!
We are now thrusting sharply higher in wave .i. of -v-.
Within wave -v- we are working on wave .i., and within wave .i., it now looks like all of wave $v$ is complete at the 2078.80 high. We are now falling in wave .ii., which has the following retracement levels:
50% = 1915.90;
61.8% = 1877.50.
We are now working on the assumption that all of wave .ii. is NOT complete at the 1893.20 low. It looks like within wave .ii., all of wave $a$ ended at 1895.20 and that the current rally is a complex wave $b$, which has the following retracement levels:
50% = 1987.00;
61.8% = 2007.70.
We are now working on the assumption that all of wave $b$ is complete at the 2003.00 high. If that is the case then we should now be falling in wave $c$ which has a minimum target of the wave $a$ low of 1893.20, to complete all of wave .ii.
Longer term, we still expect gold to move sharply higher with very big daily price swings, as we march to all time new highs.
Trading Recommendation: Long gold. Use puts as stops.
Active Positions: We are long, with puts as stops!
Grüße
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