Updated

Gold - still bullish. Already in wave iii of 5 targeting 3200+ ?

Gold is now trading higher than the previous ATH at the end of October 24 and is still within the rising channel.
This might already be subwave iii of 5 targeting the 3200+ area later this year.
That could then mark the end of this bullish trend.

Note

This could already be the end of wave iii of 5 at the 1.618 extension, but I'd prefer the extension to the 3000$ area followed by a 5% correction and a final move to 3200$ for the long term top where I'll consider going short for many years.

Note

almost there, target 299X this week

Note

double top, maybe the end for wave iii of 5

Note

slightly higher but losing steam

Note

wave iv of 5 could be completed and now going for the 3200 area in May/June

Note

this could be wave (3) of v of 5 of (V)

Note

reached the psycological level of 3000$ and printing a doji on the daily:

Could this be the top ? Certainly, but the wave count and MACD suggest there is more upside in these uncertain times.

Note

Seems like wave (3) is completed:

Note

As an alternative, you can count waves (I),(III) and (V) as three wave moves.
This pattern could already be completed:

Note

added the missing fib levels at the top:

really would not surprise me if we are at or close to the very top. These fib retracement levels fit perfectly:

Note

orange was my target for wave 5 = wave 1.

Note

left the channel (since 2023) to the upside, close to the 3200$ target:

Note

If that was the top, this could be the new trend:

Note

5 waves down, 3 waves up for 0.618 retracement. Should go down from here.

Note

Price went further in a channel that has been established a month ago and reached the 3200$ target:

On GLD a perfect daily doji in red has been created:

Note

Went even further in another channel. This should be the top if the wave count is correct

Note

Got another extension, push it to the extreme, out of the green channel, out of the red and now out of orange. Looks like a top to me, but who knows

Trade closed: target reached

flightleader78

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.

flightleader78