Gold refused to get up and go like an impulse should, but has acted slow with too many overlapping waves in the last month or so. This is usually not a good sign, especially in the short term.
The decline we have had from the top, sure fits well into a diagonal 5 waves, and at best it may be part of an expanded 3-4 wave. Gold has to make one more decline to fit into the 5th wave and that would take gold down well below the $1210 price level, before another bullish scenario could be set up!
Without the expanded wave top we could land on another "A" wave, followed by a "B" wave bullish cycle. Of course, this would be followed by a strong decline with the tail end of a "C" wave.
Either way the gold bottom from the beginning of 2016, had one ugly start, which is a big clue that this entire gold
is a fake. Silver is also telling us a fake story so it is not just gold that is doing it. run
We are not in a secular gold bull market as much as we may want to believe that gold is but gold is giving us smoke and mirror signals due to its fast move up.