Analyst Thoughts: Gold Medium-Term
VIEW ADJUSTED FOR AN OVERLAPPING PRICE ACTION
The recent break beyond R0 bottoms has extended the A,B,C downside to S0. The illustrated view has been adjusted accordingly.
The A,B,C formation remains a correction in the larger bull trend with overlapping price action.
A P*Q* bearish correction could contain interim market action that should be followed by a re-emergence of the 1,2,3,4,5 bull trend to R2 and TA1.
A break above R0 will confirm that a medium-term bottom is in place. P* and Q* are the pivotal confirmation and negation levels.
TARGET AND RE-ASSESSMENT LEVELS:
Pivotal levels: P* and Q*
Primary trend: P*/Q* ranging, followed by eventual gains to TA1
Prevailing trend: Gains to P*
Technical rating: Medium