Loading ...Gold rally should be impulsive now
Gold confirming a new short term Trading Cycle (now on Day 3) and more importantly, a higher low, should confirm that August hosted Gold’s longer Intermediate Cycle Low (ICL). Based on the COT reports, we have lots of fuel for the start of what should be an impulsive rally.
Some posts on my thinking:
https://surfcity.co/2018/10/02/gold-update-6/
https://surfcity.co/2018/09/30/gold-usd-cycle-update-15/
Thanks Surf.
I am going to take a nibble here
GLTA
To EWers, yes, technically c waves are impulsive. Even if they are merely part of a larger corrective structure.
That language should tell you precisely what I think. Best of luck.
Yes, it could be a C wave and if price can get above 1221, 1230 to 1250 is very possible.
Thanks Surf. I believe we’re starting a multi month rally here, which will ultimately take us to the $1400 region. That’s where our bull lives or dies.
Hi Surf, just a minor quibble on the cycle count.
Stockcharts shows gold bottoming at $1184.30 on Friday,Sept. 28. Monday Oct 1. was an inside day–not sure if you count that or not. Today is Oct 2. So not sure where you’re getting Gold at Day 3. I guess I see it as Day 1.
Doesn’t change the point though that gold is looking good. Thanks.
Curly Top, Gold & GLD have different price prints, so GLD is on day 3 and Gold is on day 2 today as 9/28 was the low in Gold.
Thank you. I should have paid more attention that you were using GLD.