Gold looks like it just completed the correction it started in August 2020. I have this as a WXY correction with wave w being an abc, wave x being a wxy, and wave y being another abc. We hit 1.272 fib extension of wave a-b within the wave y, and we have divergence on lower time frames.
We can also take a look at popular gold ETFs for confluence:
IAU: Perfect 1.272 fib extension, and a clean WXY

GLD: Chart looks the same as IAU and GC! futures. Nice clean WXY with a perfect 1.272 fib extension

Ways to trade gold:
- ETFs: GLD and IAU, if you want to do long term options, I would trade IAU and avoid GLD as the options volume on GLD is not optimal
- Gold futures
- Buying the commodity itself
It is also important to always consider other possible scenarios. It is possible that we in fact have another wave down on gold, although I haven't considered this as my primary count due to the fact that both major gold ETFs look done:

We can also take a look at popular gold ETFs for confluence:
IAU: Perfect 1.272 fib extension, and a clean WXY
GLD: Chart looks the same as IAU and GC! futures. Nice clean WXY with a perfect 1.272 fib extension
Ways to trade gold:
- ETFs: GLD and IAU, if you want to do long term options, I would trade IAU and avoid GLD as the options volume on GLD is not optimal
- Gold futures
- Buying the commodity itself
It is also important to always consider other possible scenarios. It is possible that we in fact have another wave down on gold, although I haven't considered this as my primary count due to the fact that both major gold ETFs look done:
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.