We are tracking a big, bullish cycle on gold up from May of 2019 lows, with the price now unfolding final stages of a corrective wave IV. We labeled a three-wave move lower on gold within a wave IV, with possible support/bullish turning point near the Fib. ratio of 38.2/50.0 (1440/20 region). A strong rally above 1515 would suggest a completed wave IV and wave V in progress.

GOLD, daily

Looking at the 10 year US note, we can see that the market is in an uptrend since the last quarter of 2018. We are specifically tracking a wave (4) now that may see lower prices in the near-term to complete a corrective drop that should be made by a minimum three sub-waves.

10 Year US note, daily

All being said, if the 10 year US note and stocks start to turn higher, then this could also be bullish for gold.

For more info about my view please check the video below.

The EW-Forecast team