On October 2, I was wondering if Gold was going to have a free ride down after breaking out of a triangle corrective pattern formed on W1 and another triangle on the intra day broken out after the US non farm payroll report (Read the story here).
I was expecting a pull back and then a bearish candlestick engulfing, but price went back to the triangle it once broken, giving me a reason to re-analyse.
After spending some time, I saw price bringing out a new picture- a bullish picture!
With a new look at the weekly chart, I saw that price is bouncing off the support line of the triangle after it formed the fourth (a-b-c) zigzag wave to resume a resume the last (a-b-c) corrective move ( triangles move in five corrective wave before completion) which should move close to the upper line of the W1 triangle.
With divergence and momentum oversold at this region, it could well be a good thought- we have a chance.
On the daily chart, I see a completion of a 5-wave impulsive move that completed the fourth wave I mentioned above clearly: and with divergence,channel support and momentum oversold, the bulls are preparing to take the golden initiative
If the bulls are taking over, I will expecting a (5-3-5) upward move to the roof of the W1 chart.
As price adds more, we get its intention more clearly.
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