This month I submitted to the Technical Analysis Contest a chart that shows a top in Gold. However, there is still a larger potential for another leg to the upside..


The above chart shows a completed ABC structure in Gold to the 1300 Area.


This chart shows on the hourly a structure to the downside has completed. On the charts, I've marked this downside move prematurely as a WX Structure, expecting a Y leg to take the Metal lower. However, the Daily chart can easily do a WXY structure instead moving up another leg to the upside.


On the Webinar I conducted today at 16:30 GMT - I explained to the viewers that Gold has just completed a flat structure to the 88.8& Retracement of the last leg up on the 1H. While price remains above 1152 we can expect another extension higher in Gold to take us to the 1340 resistance zone.
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