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Gold action is clearly corrective so new highs would be expected. This is one possible count which shows a corrective wave B hitting resistance at 1332 or 1340 which are common retracement areas. If gold turns down from 1332 then wave C and A would have equality around 1275 which is also trend line support. A close below the trend line opens up the possibility of a move to major support in the low 1200’s.
I am learning to Love the Bears
Soft cute cuddly bears.
Never seen so many around all the way up to here.
Gotta Have bears .
I dunno. Her theory seems sound. If it happens let’s just hope that trend line support holds.
You can draw a small triangle on the hourly chart which has a apex around 1320. To trigger a sell signal we would need to drop below 1318 in early trading.