22 Jul 2020 ● 06:27 AM
To understand what's happening in gold have to look at the big picture, on the weekly chart below. In the last few days I mentioned that gold may have completed a 5 wave move and then changed that view to an extension as prices did not pause. Essentially that 5 wave move would have been wave 1 of 3 as we are in wave 3 from the 1670 bottom made in June. This wave 3 is part of a larger 3rd wave that started from March at 1450. Prices took support at the lower end of the rising channel from the March bottom which was at 1800 and the top end of the channel may go as far as 2100. Wave 3 could be equal to wave 1 at 2034 and as long as we do not fall below 1800 we are in wave 3 that is now extending without a meaningful halt.