Gold Update

GOLD looks to be targeting 1771 - 73 BUT... 

...that's only 3 wave advance !

Many of you are familiar with my view that Gold remains within a consolidation pattern. One such scenario, would call for a decline below 1523 in a W-X-Y pattern. Not shown, and an viable alternate count would be a triangle. BOTH LEAD TO NEW RECOVERY HIGHS once complete!!! 

Dropping to the 4hr chart level, price remains within a corrective price channel... a key signature for corrective patterns. 

While the internal subdivisions and count have been removed, a move of parity i.e. w.c= w.a comes into focus at 1771.4. That would count well as a three wave counter trend move. Should price fail at this key level, accompanied by a bearish momentum signature, a strong case can be made for the larger degree counts.  

Let's see what plays out in the weeks ahead.

Best of Trading

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