From an Elliott Wave perspective gold looks as if it might attempt to full an prolonged wave three, and put wave 4 pause in play. However what can set off a retracement?
Properly we have to take into account US financial coverage. Powell didn’t persuade markets final week about additional cuts in December, so if charges keep on maintain for the subsequent few months and even longer, gold could proceed to pause. The steel normally rallies extra simply when expectations for price cuts rise, not fall. So, each from a macro and wave perspective, this doubtless matches as a higher-degree fourth-wave correction. General, this correction may last more, and as soon as deeper costs flush out late consumers and weaker positions — presumably within the coming months — that’s once we’ll doubtless be extra assured calling for the subsequent main leg increased, ideally early in 2026.
So trying to purchase? Persistence!
BTW, I additionally recorded the week forward video this weekend, the place I lined additionally FX, Cryptos and metals. Click on right here
Grega
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