Gold Daily Chart: Impending Breakout?

For the last 3 months gold has been declining but the waves have been overlapping to a point where we can be in a triangle with the “E” wave still to complete.

Last week the commercials in gold and silver made some bullish moves as they added longs and took away short positions.  Gold doesn’t have to fall to $ 1260 as it could just blast up from today’s prices as well.

If a bullish move is still pending then that right shoulder trend line should not hold.  Any price move above $1350 would be a good sign If we are in a corrective pattern and we get a 5th wave. It could be as long as wave three by the time this rally is finished.

We still have a full week of trading for May but then June could produce another reversal.

 

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