HunterCoder

Gold crossed 2670 level which makes previous count less likely. We shall see retest of the highs in January. Then sharp reversal is expected to finish larger scale correction. Buy then sell.

Gold ended it's tremendous bull run and from beginning of December started major correction.Wave A and B of this correction is already complete and we're now expecting a tradable wave C of this correction.

Gold is moving upwards to correct previous downfall to 2536. This move is very strong and is contained in narrow channel. You can expect two more legs of this move up to above 2700 area.The count have to be updated based in recent development. Overall move up remains intact and target is around 2720

Gold finished it's supercycle wave 5 at 2790 and pulled back 23.6% of it's move completing a wave A of what probably will be a sharp ABC correction.

The week closed with bearish engulfing reversal indicating a drop from very high bullish level of 27 on the Thrend Strength After Reversal Indicator Such high level is reached only for the 5th time in modern gold price history.Previous occurrences of a drop from such a high level indicate a major correction in Gold prices: Drop from level 23 in May 2012 was followed by 23% correction Drop from level 25 in March 2008 was followed by 23% correction Drop from level 21 in February 2003 resulted in 9% correction Drop from level 22 in January 1994 resulted in 28% correction The biggest drop in history from level 42 occurred in July 1980 and resulted in 50% correction

Gold is moving for it's final wave of a cycle. Projected end of the move is at 2745.Currently we are pending wave 3of3of5 what will shoot price above the resistance to ATH.Invalidation is at 2638, which is an end to wave 2of5.All according to count. The speed much lower that I thought but the move is steady. Keep long for now.All according to schedule timewise and pricewisePrepare for the end of the move. Observe levels 2730, 2750. Take profit at those levels.Take your profits off the table.

Gold is moving in proper momentum to the upside. We may push to test 2700 to finish off this wave 3. After that expect a correction for wave 4. This correction will be a perfect place to hunt for a buy that will take us for a final leg up.Stop loss or invalidation at 2639Gold is going for ending diagonal in the wave C. We may see lower prices and somewhere in the range of 2625-2635 there will be good place to buy:Assuming the pattern is complete and Wave 4 is complete.

Gold is moving upwards and the count indicates it will give two more pullbacks before reaching 2830 in the middle of November 2024. Currently the momentum is strong and until two way market develops, only long positions should be established. I will update the idea when we reach final phase of the move.Possible path forward:The key price level to watch is 2600. If it drops below that, the count can change but unless it does, then we're still in the main scenario presented: searching for a low with circle yellow 4.We're probably going to attack 2700 nowAt this point we are most likely going for 2720Current momentum is too slow to justify laid out scenario of wave 3 of 5. This is most likely still a correction phase. May be that wave 4 is not yet finished.

Gold is developing bullish structure with momentum resembling Wave 3. This pattern if valid should be traded only to the upside. The current Wave 5 of Cycle degree should end around 2865.

We're approaching important crossroads at gold. After a major breakout gold is about to finish of cycle degree Wave 3 with an extended 5 sub-wave. Look for topping pattern and we're ready to start major correction that can last couple of months.For the reference: this is the weekly supercycle picture of gold: