Hourly
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
–Gold’s rally has extended into an impulse (5 waves). The most aggressive count is NOT shown above but would place 5 waves complete at the 10/18 high and a larger 3rd or C wave underway from the 10/22 low. One reason to suspect that the above count is correct is that wave 5 is just about equal to the price width of wave 4 (measured move).
-A corrective setback is expected but with questions regarding the count from the October low, the expected depth of any weakness is unknown.
Trading Strategy: Allow for at least several days to a week of sideways/down action and maybe from slightly higher prices (low 1350s?) before looking for a low.
LEVELS: 1310 1318 1327 | 1352 1364 1375