We are tracking a big, bullish cycle on gold up from May of 2019 lows, with price now unfolding final wave V of C). Recent break above the upper channel line is an indication that wave IV correction had finished, and that the fifth wave higher started developing. That said, despite current highs, keep in mind that we are still observing final wave V of a bigger impulse, so be aware of a top and a reversal soon.
For a deeper analysis check our new video on Gold and Aussie below
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