Gold: Another Bullish Setup

Let's recap my gold analysis timeline.

When I first published the gold analysis on the 15th of April, I said the sell-off would bring the price to the bottom of the channel.

Then on 23 April, gold had another sell-off to the bottom of the channel. (see picture below).

I also said in that newsletter, that gold may trade in the current trading range.

And here we go. Gold in a larger trading range forms a corrective structure of WXY with wave x assuming to be a double zig-zag.

this is usually a great setup for me to add to the gold position. - but I will wait until exhaustion in supply or an increase in demand to act.

On last notes.

The market serves as a mirror to human conduct, remaining constant in its patterns and cycles. This consistency is the underlying principle that makes wave analysis effective

Have a great week everybody.