Gold's ATH: Ready for a Reversal?

Updated

The show must go on. For gold, we are witnessing further all-time highs. However, we also expect a reversal soon because we don't have much room or options upwards unless we've made a significant miscalculation. We are considering the level between 161.8% and 227.2% as the maximum for the subordinate Wave (iii) we are currently in. We are still working to complete the overarching Wave 1, but that will likely take some time since we first need to finish Waves (iii), (iv), and (v). For the overarching Wave ((v)), we anticipate a maximum level precisely at 261.8% for Wave (iii), i.e., $2,358. This is our maximum. We expect this turnaround zone to be between $2,331 and $2,358. This is the maximum we anticipate for Wave 1. Should we exceed this, we'll need to reassess, and gold could indeed go much higher. Of course, we also expect gold to reach new significant highs in the long term. Exactly where these will be is still unclear, but we definitely expect them to be above the $2,500 mark.

Note

For gold, we now believe, as we expected, that we could see a reversal around $2,300 and witness Wave (iv). This Wave (iv) should be forming and find support between the 38.2-50% level, which is between $2,247 and $2,230. Looking upwards, we still currently anticipate a maximum rise to $2,358, as we truly need to see a stronger correction in gold before we can easily surpass the $2,500 mark with strong and impulsive moves. Because of this, we'll take more profits, as we don't have as many opportunities on the upside. We'll wait for the entry and then adjust our positions accordingly. For now, the limit order remains as set.

stromm_by_wmc

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