GOLD, hold your horses

Hi Traders,

I heard everything and the opposite of everything about Gold. Let's out some of the nonsense.

• Is this downtrend over? Almost done, be patient.
• Will it be followed by a rally? There's now the chance of a rally.
• Is Gold going to start a major uptrend? Much depends of the ability of the commodity to break the area of resistance at 1,522-1,532.
• Most importantly, it depends by the number, shape, and magnitude of the developing Elliott Waves.

TARGETS

VERY SHORT TERM UPTREND (1-hour chart)

area 1,414.6-1,419.0 and

area 1,438.9-1,442.9

SHORT TERM DOWNTREND (4-hour chart)

area 1,335.7-1,308.6

MEDIUM TERM UPTREND  (daily chart)
area at 1,522-1,532.

SITUATION

GOLD, now at 1,492.27, is performing a minor rally to the areas 1,414.6-1,419.0 and, most likely, 1,438.9-1,442.9. This will be followed by a downtrend to the area 1,335.7-1,308.6. 

If this target is reached by means of 5 waves downwards - verifiable in either  the 4-hour and the 1-hour chart - there could be a new rally to the area at 1,522-1,532.

ENTRY FOR A POSSIBLE LONG

After getting to the area 1,335.7-1,308.6 in 5 waves - in the 4-hour or 1-hour chart - you need to make sure that Gold is bottoming out. Consequently:

• make sure that you have the right "set of waves"  in the 4-hour and 1-hour chart.
• check that you have a reliable reversal candlestick in the 4-hour and 1-hour chart.
• check that you have a confirmation from the wave oscillator.

ALL CHARTS BELOW

Gold weekly chart - click to enlarge

Gold daily chart - click to enlarge

Gold 4-hour chart - click to enlarge

Gold 1-hour chart - click to enlarge