Last post on Gold: https://bartscharts.com/2023/08/16/gold-august-16-2023/
I did NOT get filled on my resting buy order for Gold. Will now try to work into a LONG Gold position.
If this count is correct, Gold is off to new all time highs in a 5th wave …the 3rd wave of this 5th wave is, more than likely, just starting.
Line in the sand for me along the lines of the “bearish gold case” is that the red rectangle is an expanded flat. At times, the “c” wave can go 2.618*a and that’s just a little higher along w/ the 1.732 (square root of 3) extension target.
For those looking to short, recommend waiting for a daily close below 1879 (red horizontal line) Sitting my hands until then …
For now, believe gold has topped or is topping out …
Bart
little higher for a very important target on the ratio of Gold/Oil
04/10/20 – our target level hit and, if you look closely below, you’ll see 5 waves down .. followed by 3 waves up into a “perfect” SELL PATTERN for the ratio. IF this pattern works (the big if) then expect Crude to strengthen against gold and, perhaps, keep the oil rally going for a little while longer.
one of my readers asked me a question on Gold/Oil ratio. below I have charted SPOT gold / futures oil (continuous contract) – wow, pretty amazing move … take a look at the 1.618 projection target a little higher. that ‘should’ (operative word) cause some resistance. additionally, if we keep this parabolic rise in the ratio then the 12 level on oil doesn’t seem to far fetched, does it? thanks again Ray for the ping … great question and observation. that’s what I see .. hope it helps. Bart
need to respect the move UP in Gold last week … was ‘hoping’ (a strategy) that we would see another leg down into the circled area to complete the multi-year triangle and then a very strong move up …
watch over the coming days and especially this week.
Bart
