There is still great uncertainty concerning the future gold trend. Nothing has been decided yet. The corrective wave since January 23rd has been forcing prices to oscillate within a negatively sloping channel. Since July 20th a rising channel appeared and presently prices are at a very critical point.
(Bearish scenario)
Previous wave durations are adopted to predict d & e waves. It might seem strange to have a truncated 3rd in d, but that is not impossible (though unusual & rare). According to this scenario the ending wedge will be broken down soon, leading eventually towards values at/and or below 1000. Second bearish possibility can arise by the d-wave being extended to reach 1200 (provided the 1170 resistance is overcome), and afterwards enter the final e-wave.
(Bullish scenario)
Prices continue along the rising channel and at some point above it.
(Bearish scenario)
Previous wave durations are adopted to predict d & e waves. It might seem strange to have a truncated 3rd in d, but that is not impossible (though unusual & rare). According to this scenario the ending wedge will be broken down soon, leading eventually towards values at/and or below 1000. Second bearish possibility can arise by the d-wave being extended to reach 1200 (provided the 1170 resistance is overcome), and afterwards enter the final e-wave.
(Bullish scenario)
Prices continue along the rising channel and at some point above it.