Gold price, as expected, has started a 3-wave corrective pullback after finishing 5 waves up from $1,052. I believe we should expect more upside in coming days. We are not sure yet if the low we have seen is long-term one, but the price range of $1,050-950 the area where a long-term low will be reached.
Gold price is testing the kijun- and tenkan-sen support at $1,060-65. Resistance is seen at $1,077. I expect this pullback to be over soon and another move higher to follow. It will probably test $1,100.
Red lines - declining wedge
Blue line- projection
Gold price has an oversold stochastic oscillator in the weekly chart. Last time, the stochastic was at this level. It produced a bounce of nearly $100. So, I would stay bullish as I expect a bounce towards at least the kijun- and tenkan-sen near $1,120-30.
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