Gold reaching an inflection point that will eliminate options

Gold's price behavior hasn't solidified whether a meaningful top is in place and the US Dollar is about to drive gold lower...OR...whether a final and terminal 5th wave in gold is moving higher. The Elliott wave picture is mixed at the moment.
Keep an eye on this blue trend channel. The black labels suggest gold runs up to new highs in a 5th and final wave. The alternate blue labels suggest gold is about to be drug lower by a strengthening dollar.
$1789 is a key level. A break below $1789 implies a meaningful top is in and US Dollar is going on a bull run.

ความคิดเห็น:

Gold isn't giving us anything to work with. On the one hand, I suspect USD weakens which drives gold higher. However, the inability for gold to pop now when it is within the fattest part of a potentially bullish trend (a.k.a third wave) does keep the door of suspicion open.

Bottom line, let the market break one way or the other to eliminate an option.