Gold price rising steadily in channel

 

Since the support level had been reached, gold had been rising steadily in channel. The price should still had some room to rise if the price still ranging up inside the channel. Otherwise, be careful if the channel is broken. 

By The Backyard Burner

Gold possible to had reached trendline and wave C target

 

Gold maybe already reached the target of wave C. It reached the rising trendline and bounce up. I am not sure if this support level will hold but the price may go up either due to retracement up or bullish trend reversal. However, it had the possibility to hit the support level to form a double bottom. 

By The Backyard Burner

Waiting for the gold correction of wave 4 to finish

 

Gold is now in wave 4 correction. I am expecting further down in a zigzag to 1470~1490 for the correction to be over. However a double bottom of 1515 is also possible. Anyway, I am looking for a long opportunities and do not encourage any short trades. The bullish long term trend is still intact. 

By The Backyard Burner

Gold maybe already reached the top of wave 3

 

Gold may already finished the top of wave 3 and now waiting for correction of wave 4. Wave 4 may either be a big flat or a zigzag depending on the bullish sentiment. Wait for the price to drop before buying. Beware of price chasing. 

By The Backyard Burner