GOLD TRADE SETUP

29 thg 1, 2020

Gold is favored to remain in the cycle up from 8/16/2018 lows where the daily right side is up. A pullback to correct the cycle from the 8/16/2018 wave ((2)) lows ended wave ((4)) at 1447 on 11/12/19 where the 4 hour is turning up. The metal is favored ended correcting the cycle lower from the 1/7/20 highs at 1611 with the bounce to the 1588 highs where the hourly is turning down. While below there it can see another swing lower in wave (2) to correct the cycle from the 1447 lows. While above the 11/12/19 lows the metal can continue higher in wave I toward the 1700-1750 area before it corrects the cycle from the 12/12/17 lows.