Gold

According to the bearish alternative :

Under the bearish alternate view on this frame of daily chart , after completing the converging triangle wave (4) at terminus point of 1352, Gold fell down in the five-waves sequence which could be only first wave of wave (5), and the rise up from low of 1133 through last peak at 1309 in a three waves, it could be corrective wave 2 .

Currently, it appears that first wave down of an impulsive wave 3 is probably completing.

A bullish alternative :

Under a bullish alternate view on the daily chart, Gold after completing the converging triangle wave (4), could have completed the five-waves sequence down as the overall wave (5), and hence the bottom at 1133 could be the terminus point of the wave (5) .

Not: Forming a five-waves sequence up, would raise confidence that trend has turned up, and bullishness will likely to dominate over the coming weeks.

Gold - Daily

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