Gold Intraday Bullish Phase Update

In the last 3 days, gold has turned a corner. How big of a turning is always debatable, but the start sure looks like it contained an impulse. I started with a Micro degree and ended up using the smallest degree down to the Miniscule level. When need be, I will always adjust the degree levels, but at this time I think I can run it for a bit longer.

Any great impulse start can change to diagonal waves very quickly as this may just lead to another “A” wave for a diagonal wave 3.

Gold has the best chance of showing a much bigger impulse, so I remain bullish until the next potential strong correction. I will have to adjust my degree levels if we are heading up to a “D” wave, instead of a 5th wave in Intermediate degree.

Either way, the bigger bullish phase is not over, as higher lows help to confirm it. Any downside to the markets will just push the fearful to jump on the gold bandwagon again.  Gold always has to compete with the general stock market, but they have also moved together in the past. 2008-2011 was one of those times.

Gold stocks all saw bullish activity again today, which also helps to confirm gold’s bull market. Gold stocks did not thrash around like gold, which is also a very good sign. Not until all gold stocks become rather expensive to gold, do we have to take another major look at the bigger picture. 

 

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