I'm especially looking at the RSI and the AO (often used for Elliott Wave purpose).
Even though 1255.20 seems to be a wave 4 up from 1182.93 low and then a clear 5 waves down to end in a wave 5 at 1131.41 - gold is not showing positive divergens on the RSI nor the AO.
Therefore - the 1131 can't be the low.
At the same time price has retraced an exactly 61.8 to the penny. At this time moment should have been much higher to bring it further up.
I therefore see a new lower low coming.
Short term neutral
Intermediate term still bearish
Safe trading
BLawrenceM
Even though 1255.20 seems to be a wave 4 up from 1182.93 low and then a clear 5 waves down to end in a wave 5 at 1131.41 - gold is not showing positive divergens on the RSI nor the AO.
Therefore - the 1131 can't be the low.
At the same time price has retraced an exactly 61.8 to the penny. At this time moment should have been much higher to bring it further up.
I therefore see a new lower low coming.
Short term neutral
Intermediate term still bearish
Safe trading
BLawrenceM
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