Gold is going lower

The gold bugs are bullish right now, getting very excited about the ATH in price even if it is a spike.

But don’t get excited just because one owns physical gold and wish that price can go to $3k. I am bearish gold and silver since mid-2023 because it is rational that no one should buy a triple top. Now we are at this area again. A retest? Highly possible.

See comment for LTF chart.

Commentaire:

Due to emotional moves at trend reversals, Wave 2’s are sometimes so fast that it is not visible unless you zoom in to a LTF chart, so this entire move from the top is commonly labelled as a corrective move a-b-c..

The clue that it is not comes from the irregular correction from wave 3 to 4. Irregular corrections is the norm nowadays and traders (including me) gets tricked into counting the 5-wave move up as a new impulse instead of a Wave c of 4.