Category Archives: Gold – Weekly

Gold

Medium-term Uptrend :

Gold is concluding the week with a strong rally day, today!

The countertrend rally (in a five-wave structure) that started in early-December, should be the first part of processing of correcting up in the Primary wave ((B)). Subsequently, Intermediate wave (A) will be corrected soon in following wave (B) (potentially to the Fibo 0.50 retracement level around 1200$).

Gold - Weekly

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Gold

Medium-term Uptrend :

The Gold’s 25% countertrend rally(in a five-wave structure) that started in early-December, should be first portion of the process of correcting up in the Primary wave ((B)). Subsequently, Intermediate wave (A) would be corrected now in its same degree wave (B) (potentially to the Fibo 0.50 retracement level).

Note : As denoted on the chart below, the wave (A)’s extreme well achieved the origin of the prior bullish diagonal as Intermediate wave (5). (technical targeting based on the patterns)

Gold - Weekly

Gold

Uptrend :

The strong retracing up (23.19%), that started early December, has still remained under the upper line of the medium-term channel. A weekly close above the channel line would fully confirm the bullish outlook in corrective stage as Primary wave ((B)).

Note : With respect to the wave structure, the advance as a five-wave in Intermediate wave (A) might still be extended to a new high.

Gold - Weekly

Gold

Correcting Up Trend :

The strong retracing up (since early December), fully confirm the Gold’s trend-reversal in medium term.

With respect to the December low at 1045.4, as the extreme point of Primary-degree wave ((A)), Gold should be in first portion of an upward correction as the same degree wave ((B)).

As noted in the prior weekly-post, retracing back to the origin of the expanding diagonal pattern is still expected.

Gold - Weekly

Gold

A significant extreme low :

With respect to the Intermediate-degree wave (5) as an ending diagonal, Gold could be in its significant extreme point at 1045.4 (on Dec. 3).

The medium-term Gold’s trend will soon change to correcting up, since an ending diagonal indicates the end of wave structure at a larger degree and a reversal tends to be swift and sharp, retracing back to the origin of the diagonal pattern.

Gold - Weekly

Gold

Searching for an extreme low :

Gold is searching for a significant extreme, as the Primary-degree wave A(circle)’s low, surrounding the medium-term channel line.

The Gold’s medium-term bear trend is approaching its conclusion, since an ending diagonal always terminates the wave structure at a larger degree and a reversal tends to be swift and sharp, retracing back to the origin of the diagonal pattern.

Gold - Weekly