Gold - broader picture shows room into the mid 2000s

27 gru 2020

Looking at the broader picture of Gold wave 5 of the macro EW cycle. I see two general scenarios, both suggest that we are in a final wave 5. The first scenario is that we are still in wave 3 of that final wave. The second scenario is that we are entering wave 5 of that final wave. Obviously don't know this information until after the fact Key take home from both scenarios and the general trend is BULLISH. So, for near term trades using fib extension levels off of major waves, we are showing a confluence of major resistance in the 2000-2100 area as well as the 2300-2400 area. For purposes of my time frame, I am trading as if 2300-2400 are target areas to trim off some of the position.