Analyst Thoughts: Gold Long-Term
VIEW RETAINED FOR CORRECTIONS WITHIN THE MAJOR BULL TREND.
The long-term bullish view of T1/T2 remains valid and the illustrated view is retained.
A distinctive 1,2,3,4,5 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 back to S1**.
The expected interim bearish reversal off R1 (phase ii) was completed around the crucial S1** support.
The current bull phase could be 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** remains pivotal for the generally bullish outlook.
Medium to High conviction