Gold: Still prefer long for 1255/1277

In my view there's a missing wave, which I'd consider as 5th of 3rd (blue) for now and the projected targets as per chart. The 1265-1277 targets may be far fetched right now but notice wave 3 is barely that much longer than wave 1 so wave 5 could over shoot.

While its possible for deeper retrace I'm curious as to why 1220 is holding above my purple trend line. Wave 1 territory remains respected and I'd prefer staying long here.

Note: A channel break gives hint that 3rd wave is in progress or nearing completion.

註釋

Added some longs here at 1224.50

註釋

If today and coming Monday is bullish, gold should hit 1233 before completing this tiny impulse. Then I'd like to expect retrace and continue.

註釋

Gold should not trade below 1227.70 from a bounce off 1231. Impulse will be invalidated.

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Its time for weekend. This is what my chart is tracking now:

I want to see wave 3 or wave 5 hit at least 1.618 before retracement. Then add longs off that retracement. Stops below the 1221 low is fine. If all goes well, Monday -Wednesday should continue to go for climax high then I do expect more profit taking for mid-month (preferably after hitting one of my targets above). See you all then.

註釋

Gold came within $1 of 4th wave invalidation (red horizontal line).

While it is still bullish, I'm also looking at 1241 lvl for failures because if gold looks weak there big bears will come in. Of which I'll immediately TP and short for 1210.

If Gold bulls breaks 1244 high then I'll re-analyse if original TP targets are still valid. Tentatively it still 1255/1277.