Stage Analysis: Gold XAU/USD

Graeme_AB looks at the stage analysis of Gold

Stage Analysis: Gold XAU/USD

$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.