Ascending Bullish Triangle, which confirms a powerful wave 3-up of 3-up move is starting in gold. Wave threes are usually dynamic
Gold busted out sharply higher this past week predictably after finishing its Bullish Cup and Handle pattern we were showing in development for months. Let’s take a look.
The first pattern we show is an Ascending Bullish Triangle.
While Gold may soon be completing the fifth small subwave of its first larger degree subwave of 3-up, with a corrective decline coming once it finishes, the upside price target from several patterns we are watching is the 1,600 to 1,650ish area. Mining stocks also popped sharply higher as it started wave 3-up. These moves came after our HUI key trend-finder indicators triggered new Buy signals May 31st, and remain on Buys this weekend.
We are seeing positive charts for gold, with several different patterns and wave mappings confirming the Bullish case. They all have an upside price target for gold of 1,600 to 1,650ish over the coming months.
Below we see an Elliott Wave mapping chart that breaks down the moves for this Ascending Bullish Triangle, which confirms a powerful wave 3-up of 3-up move is starting in gold. Wave threes are usually dynamic.
https:tinyurl.com/yyauxjhc
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