Analyst thoughts: Gold Long-Term
VIEW RETAINED: CORRECTION WITHIN THE MAJOR BULL TREND
The long-term bullish view to T1/T2 remains valid and the illustrated view is retained.
A distinctive 12345 primary bull trend pattern is unfolding from point X. The PQ fourth phase was completed at the Q/S2 previous bottom.
The fifth and final bullish leg should target T1/T2 before reversing into a meaningful ABC correction to S1**.
The expected interim bearish reversal off R1 (phase ii) has materialised.
The recent bullish reversal off S0 could have been the start of phase iii to T1, but it is also possible that the R1/S0 consolidation phase is not yet complete.
This alternative will postpone the advance somewhat.
S1** is pivotal for the generally bullish outlook.
Medium to high conviction