Gold is trapped in consolidation within a bullish triangle

Gregor Horvat Wavetraders

We talked about a correction on gold already back in May, when we spotted a strong support within a three-wave corrective decline within higher degree wave 4, which can resume the bullish trend for wave 5. CLICK HERE

It appears that big bull run is still here and that current pause is just temporary, but a bit longer than initially thought. Due to a sideways consolidation for the last two months, it’s probably trapped in a bullish triangle pattern in wave 4 before we will see a resumption higher within 5th wave.

XAU/USD daily chart

Gold(XAU) moved very nicely to the upside a few weeks back after only three waves of decline into 3121, which was a contra-trend move, ideally part of wave four, meaning that the fifth wave should sooner or later reach new all-time highs. However, note that price recently turned lower towards 3244 which can be longing wave (C) of that triangle, which is still far away from being completed then. In fact, rise from the start of July is in three waves and can cause new turn down in days ahead, to the lower side of a range.

XAU/USD Four-hour chart

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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