Gold: New All Time High, What's Next?

22 Mar

Upon closer assessment of the gold chart, we anticipate that Wave 1 has now concluded, and we are currently developing an Expanded Flat, likely as the subordinate correction Wave ((a)). We do not believe that Wave 2 is going to be completed so fast. Instead, we expect Wave 2 to undergo a longer correction phase, moving sideways rather than experiencing a relatively rapid sell-off. Therefore, we foresee the zone around $2,115 as the most probable for the Expanded Flat. For the overarching Wave ((b)), we should again reach between 100% and 138%. For Wave ((c)) or Wave 2 downwards, we would expect the same scenario. However, we can only determine this once we know where Wave ((b)) ends. Thus, our entry points are set between the 50% and 78.6% levels, i.e., between $2,090 and $2,030. Here, we also have two support zones that should aid in a potential entry at these levels.