Gold has completed 5 waves up in the short term from $1,305 to $1,328 and also made a corrective pullback towards the 61.8% Fibonacci retracement. This is the first short-term bullish signal after the spike last week, and as long as we hold above $1,305, we can say that the next leg up has started.
Gold is in the final stages of the corrective wave as can be seen on the 30 minute chart above. A break above $1,317 will confirm the correction is most probably over and we should expect a sharp rise towards at least $1,330. Breaking above it will open the way for $1,350-60 at first.
Gold remains above the Kumo on the 4-hour chart and still inside the triangle pattern or consolidation range. A clear break above $1,330 will trigger a bigger upward move. The target remains $1,400 and can be achieved by the end of next week. I remain longer-term bullish and continue to believe that $1,045 is a long-term low.
Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that June be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.