This C wave advance is doing everything in it's power to shake off as many riders as possible. Lets face it $1000 is a big psychological number. It's probably going to be the toughest hurdle gold will have to surmount during the entire bull market. Once it does though it's going to create a ton of bullishness.
Bull markets thrive on doubters, not on everyone believing. Well at least until we get to the end game when the public comes in.
But let's take a look at what's really going on in gold instead of getting caught up in the day to day gyrations as so many retail investors tend to do.
In the first chart we see that the current A wave advance was the strongest A wave of the entire bull market so far.
In the next chart we see that the B wave decline to correct that A wave was the weakest B wave decline of the entire bull market.
After that gold needed to do something to shake off riders. Let's face it, the A wave and B wave were mega bullish. So what did gold do? It traded sideways for months in a huge triangle consolidation/continuation pattern. The wear you out stage. Impatient traders finally just gave up on gold.
Then when everyone was expecting gold to break down out of the triangle gold did the exact opposite, it broke higher on huge volume and rocketed above $1000 (hey this is a bull market after all and bull markets go up).
That breakout was extremely bullish for gold, it again needed to shake off riders. What better way than to sink back below $1000. I suspect there were a ton of investors waiting to buy gold on a close back above $1000. Those people are now in the process of getting thrown from the bull.
If you insist on watching the day to day action in gold instead of focusing on the big picture then the gold bull is probably going to shake you off his back and leave you standing in the dust as it charges onward and upward.
Markets generally do what they are supposed to do just never in the time frame that investors want them to do it in.
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