GOLD - Trend Continues

GOLD continuing on up here out of higher degree wave 4.

I've overlaid SPX and its clear to see that this year, or rather - since SPX topped GOLD has been moving with inverse price action.

And this is evidence enough that GOLD is currently a hedge against equities and a hedge against a black swan event such as the war in Ukraine. GOLD has pumped thoughout.

And so congratulations to goldbugs who had confidence in this asset as a hedge.

Now for chartists late to the party where will this name offer a good entry?

Well for as long as indexes are in a bear trend the answer may be never 😄, however with high PCR ratios there will probably be an index bounce and if inverse PA continues that will provide a pull back in GOLD.

For now it looks like indexes may continue down and GOLD can continue this trend that now appears to be in a minor wave 5 that a 1:1 extension would take price to 2115 and perhaps overshoot to the 1.618 projection 2157.

The Weekly RSI is already overbought also and should also provide conditions for a pull back

If it gets there - worth noting that a pull back will provide another fakeout ATH trapping longs yet again.

Wherever it tops it is in a very steep trend here - Bollinger Bands here set to 2 standard deviations and price has pierced well above the upper band. And so I would expect (hope for 😄) a steep correction whenever it comes.

If the pull back arrives in a timely manner I'll be looking to see if it can re-test the 50WMA for an entry.

See previous thread for long term count.

Not advice.