Is still locked within the boarders of strong support at 1,526 and strong resistance at 1,796. Short term the falling channel from 1,796 is determining the direction for gold, which is still to the downside, with the possibility of testing strong support at 1.526 or even slightly below before wave 4 finally comes to an end and wave 5 higher takes over.
Short term a break above 1,620 will be the first indication that wave Z and wave 4 might be over, but it will take a break above 1,695 to confirm, that wave 4 has indeed bottomed and that wave 5 is developing. So for now we should stay humble for a possible move closer to 1.526, but we are also closing in on a nice low risk buying opportunity, but remember no trades without a stop loss...
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