Gold - Next Five Wave Move to $2280
On the weekly chart we have seen a 5 wave move to the previous high in August 2020, breaking 2000 handle for the first time,ending a five wave move.
Since then there has been a 3 wave correction into April of 2021.
This is a setup for a further 5 wave move higher throughout 2021.
The target of 2280 calculated using Fib to find the mid point of the 5-3-5 move, commonly known as a " Zig Zag".
Th RSI indicator is holding at 40 which is the bottom of a bullish range.
The quick move by the RSI from 80 to below 40 and price not following indicates the price with move higher in the coming weeks.
CBRSI has also diverged with price and has cross above the 2 moving averages.
All pointing to high gold prices as the USD devalues.
Since then there has been a 3 wave correction into April of 2021.
This is a setup for a further 5 wave move higher throughout 2021.
The target of 2280 calculated using Fib to find the mid point of the 5-3-5 move, commonly known as a " Zig Zag".
Th RSI indicator is holding at 40 which is the bottom of a bullish range.
The quick move by the RSI from 80 to below 40 and price not following indicates the price with move higher in the coming weeks.
CBRSI has also diverged with price and has cross above the 2 moving averages.
All pointing to high gold prices as the USD devalues.
Time is the only true currency...how will you spend yours and what value will you receive?