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GOLD short term chart updated.
On the 4hr chart,
You will notice a triple top in MACD and RSI.
This fact, along with a completeing wave count
and trend channel resistance,
Should serve to turn the price down soon.
The wave count was calling for rally into at least 52.00 in wave (v) grey.
Todays high reached 52.28, a 5 month high,
The rising trendline catches the higher lows quite well,
and is another reason the triangle idea for wave (iv) grey fits well.
Despite a shock to the system last night,
the sharp USD rally has not invalidated any of the operating wave counts.
Although it is a picture of what is to come for the USD in the near future,
The short term chart shows a five wave pattern completing in wave [c] brown.
it is likely a flat correction with three waves in ‘a’
three waves in ‘b’ and a five wave decline to come in wave ‘c’.
The 4hr RSI is now rising off an extreme oversold level
And the price has bounced slightly off the 200MA,
These are the first indications that this correction is ending.
This is an introduction video to my long term wave count for crude oil. Come and get it!
GOLD dropped through the short term invalidation line today.
this has triggered the alternate wave count.
the updated chart now shows the decline off the recent high at