I'm tracking gold for a few weeks now and it reminded me lately that she's really a piece of work! I really thought that we made the low a few days ago. But, like I've said in my monero update, these things can happen ofc. This is what makes us human. Trading is hard and mistakes can happen!
5 days ago
Now
However, that doesn't mean that I'm wrong. The new low in the cycle was only $4 from where I've claimed the low. that's actually peanuts. So I'm maybe a little bit too hard for myself. But that's ok, I strive fot the best setup!
It seems that we are building up energy for a big move upwards. There is still positive divergence on the 240min chart. This is bullish as long as we see that. Plus this 5 wave is almost finished. So that means that a new upward cycle will start. No matter what everybody says, gold will get bullish.
Electricity in the air
On top of that, we're near an important supportline connected from the 2016 low. This line can act as a powerfull conductor. Can't you feel the electricity in the air?
What can make me bearish?
The only thing that could tip me into bearish territority would be a daily close beneath $1260. So we have to keep an eye on that.