Gold is printing an isolated impulsive wave that could be read as wave 5 on the macro view.
Short to medium term resistance is 1908-1914 on the M basis.
Since there are not enough evidences that the wave4 is completed (wave 4 ended at ~2060), if price breaks down and forms a zig-zag, sprt will be at 1545(0.5fib) or 1505 (0.618)
If/when wave 4 gets completed, an aggressive approach for the next target will be up to 3000.(1:1 ext of wave 3, which is $1185-2060)
On the Macro view, started since the 1930s at $20, Gold is still in a macro directional uptrend for the next few decades.
However, there is a potential running flat on the making if GOLD breaks and closes below the quarterly 21ema at 1584, and this would delay the continuation
If Gold breaking below the Q21ema is followed by the a negative macd on the Quarterly, this would potentially send GOLD down to the 1050-1150 sprt or the 2015-2017 sprt. (watch the video to see the comparison with BITCOIN W chart)
Short to medium term resistance is 1908-1914 on the M basis.
Since there are not enough evidences that the wave4 is completed (wave 4 ended at ~2060), if price breaks down and forms a zig-zag, sprt will be at 1545(0.5fib) or 1505 (0.618)
If/when wave 4 gets completed, an aggressive approach for the next target will be up to 3000.(1:1 ext of wave 3, which is $1185-2060)
On the Macro view, started since the 1930s at $20, Gold is still in a macro directional uptrend for the next few decades.
However, there is a potential running flat on the making if GOLD breaks and closes below the quarterly 21ema at 1584, and this would delay the continuation
If Gold breaking below the Q21ema is followed by the a negative macd on the Quarterly, this would potentially send GOLD down to the 1050-1150 sprt or the 2015-2017 sprt. (watch the video to see the comparison with BITCOIN W chart)
