Gold turning bullish

GOLD has been trading in a bigger correction since August, when price completed a bigger impulsive move labelled as wave III), and metal made an impulsive turn lower. We labelled a three-wave corrective move on gold since August, where wave A was an impulse, and corrective wave B a triangle correction. A triangle pattern in wave B was regarded as completed, once price started breaking below the lower triangle line and 1850 level. We can see that later wave C unfolded a five-wave move, and found possible support and a low for a bigger corrective wave IV) at the 1764 level, as new impulsive recovery started taking place, and metal breached above the upper trendline (which is another sign of a change in trend).

Now price can be turning back to the bullish path on gold, however we would still like to see a break above the 1850 bullish level for a confirmation that a bigger correction is completed, and a new five-wave, bullish cycle underway.

GOLD, 4h

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