Gold Daily Chart: Time For A Correction?

Gold started out June with a price jump that can get the gold bulls all excited. Ok, I’ll bite as the last 3 months sure can work as a diagonal 4th wave flat.

The H&S could also be very bullish but before this happens, gold may have to crash back down to $1260-$1250, and then crank back up again.

On the other hand, gold can fall like a rock but then we know that the gold bulls are not as committed as the media makes them out to be.

Gold moves that are made with “Fear” hardly ever last that long so we still could see some wild action in both directions.

The one thing that some people might not expect is that a diagonal 4th wave can dip down into wave 2 which would be closer to $1200 gold.

 

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