Gold Intraday Top Review

Since the October low, gold has been in a rally, but I must admit gold has been in one “ugly” rally. Pure impulse waves are virtually non existent, except for very small degree runs.   Another new move to the upside confirmed that the deep crash on the 18th was just a correction.

Gold ended with a spike to the upside at my Subninuette “A” wave peak and gold looks like it has started into another correction.   Another “C” could develop so gold is not dead just yet.  We have to stay open minded as and correction could go much deeper than we might be expecting.  At $1310, gold could form a small double top, as a higher degree wave 1 in Minor degree. 

I will have to adjust my degree levels and wave counts, but at this time I have nothing better to offer. The worst case scenario is, if our present rally is just a “B” wave rally. This could send gold crashing to the $1220 price level. 

Any stock decline could help gold become a safe-haven asset, as any US dollar decline has not helped gold all that much. 

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