Stage Analysis: Gold XAU/USD
Graeme_AB looks at the stage analysis of Gold
$Gold price
1st we saw a long-term LT trend-line ("TL") form, which branched up into a medium-term MT TL, and then up into short-term ST TL's twice.
Whenever a TL breaks down, we expect a return to the next lower TL.
We therefore now expect it to descend below the red line a-a toward the MT TL and the yellow highlighted circle @ ~$1400.
Once this descent is over, wait for it to consolidate & confirm along the MT TL.
When this consolidation is confirmed, it then constitutes a potential buying area. Until then, leave well alone and wait.
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