Gold Intraday Roaring Bull Market Review

Gold has been on a rip snorting move for the last 10-11 weeks and has now started a correction. Last time,  gold pushed a few more dollars higher before gold went vertical. This does not mean the gold bull market is over but we should get a correction before it resumes its upward trend.  I set up the wave count with a possible wave 3 as an extension, but it also contains a 5th wave extension.  Any correction could happen at lightning speed and would be over before we know what’s going on. 

Fear is the main driver of commodities, but fear moves never last that long. Many may now use the fundamental play book as the reason that gold is on a run, but where were those forecasters when gold was down at $1050?  In the long run, I will work a Primary degree zigzag that could end on a Primary degree “D” wave. Even now I have been using up all the degree levels down to Miniscule degree so I’m sure an adjustment will have to be made at a later date.

Gold has now topped at $1355  which is only about $20 away from breaking out to new bull market highs. I mentioned we could get some stiff resistance when we get close to $1375, but if the bigger trend is in place, then this $1375 price level will be left in the dust. 

Other commodities are also taking hits this morning so it’s not an isolated move. Gold is still pointing to the $1600 price level. Those that are jumping on the gold bandwagon late, usually do it just before a correction is about to take place and their position turns into the red instantly. 

As long as we keep getting flats and zigzag corrections, then this bull market is far from being over.