Gold on the way to finish last leg up to perhaps at the current level or more to as high as $2030/Oz. Then a downtrend may resume for much lower level perhaps to as low as $1400 in the coming months or so.
Sustain trading above $1550/oz may pave the way for much higher Gold price, otherwise, if prices keep trading below the channel's upper trend line, then Gold may resume long term down trend.
Does current gold rally follow the parallel channel as shown in the chart to eventually resume down trend?
gold hot a very important low at 1303 which represented 100% fibo expansion for three corrective waves. we started final impulsive wave 5 probably in an up channel which is done with the lows and its time to go long targeting 1420 today is ADP employment and Friday non farm payrolls we expect upside momentum,