With the new low yesterday at $1,203 Gold price most probably completed wave C down and 5 wave down from the post election high. Gold price action is placing the last puzzle pieces of the entire correction that started from the highs at $1,375. I remain long-term bullish about Gold.
On the 4-hour chart above, we can seen a 5-wave decline from the highs since after the US election results were out. This is a typical wave C formation of 5 waves. This is the last part of a wave 2 decline. Most Gold traders share bearish sentiment as wave 2 would suggest. People are talking again about new lows in Gold as the Dollar strength is expected to continue through the roof. Not by me.
