Gold - What's Up? - Updated
Updated
I'm reposting my long term/short term thoughts on the gold market.
My opinion has not changed since my last post. There has been pertinent market activity that needs updating. We are getting closer to an important pivot point IMO.
I believe we are embarking on the long slide down to the $1300 level. The pace of the decline should soon accelerate. This is an important time to get positioned for short sale longer term puts or liquidation of gold holdings. Risk reward is optimal at this current position.
As the chart illustrates... I believe we are in wave 2 of a larger/longer term C Wave.
To get a closer look inside the market here is a daily breakdown of the EW count as I interpret it:
My opinion has not changed since my last post. There has been pertinent market activity that needs updating. We are getting closer to an important pivot point IMO.
I believe we are embarking on the long slide down to the $1300 level. The pace of the decline should soon accelerate. This is an important time to get positioned for short sale longer term puts or liquidation of gold holdings. Risk reward is optimal at this current position.
As the chart illustrates... I believe we are in wave 2 of a larger/longer term C Wave.
To get a closer look inside the market here is a daily breakdown of the EW count as I interpret it:
Note
Heads up...we are in the sell zone... this is optimal positioning for short sale. Note
Gold is currently at the .786 fib retraceStretching the limits for this bear scenario. Looking for confirmation of reversal here
Note
No one said it was goin to be easy...:)Note
This trade brings back vivid memories to the short we had in WTI Crude in June '22. Consensus of opinion at that time said crude was going to 150/barrel minimum. If I had a nickel for every news item I read predicting that... Topping action in that market took time. Prices traveled up to the .78 fib lingering there before finally breaking to the downside. We are now at that same point in gold... consensus of opinion says $2500 or more. We're in the .78 fib retracement area currently. I believe we're in the process of a shift in the long term channel. I call it median price drift... a natural process since markets aren't linear but dynamic.
Could I be wrong about all this? Sure... but the evidence is mounting that this is topping. Watch closely for a trigger here. Possibly one more push up before a reversal.
Note
Haven't updated in a while.... Getting very close to pulling the trigger. Note
Hourly... I will short a break below the red line. Ideally a move to the circled area occurs first. 
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