$SPDR Gold Shares(GLD.US)

Gold has been on a streak lately after what seems like a local bottom on 17th July. To be fair, the technicals were there and I have mentioned that the waves were in place for a bottom at around those dates.

(Kindly refer to my earlier posts if you need verification so you can see that I am sincere and transparent in my sharing)

Now have we bottomed? If you look at social media, you will see many opinions. Some think we are going straight to new highs from here. Some thinks this is just a bounce and gold has yet to bottom. Again to be fair, both have their own valid thesis.

As for me, I am leaning cautiously bullish. At the moment, gold has broken out of its wedge on 5th Aug and rallied on increased (but not markedly so) volume in what looks like a 5 wave pattern. Price reached the 200% extension on 12th Aug and consolidated till 18th Aug before extending to the 300% extension on 24th August on increasing volume. However momentum diverged. If you ask me, its a toss between this still being a third wave to this being the end of the fifth wave. A big block trade was done early yesterday at about the high before price retreated and then recovered into market close.

So institutions are active at these levels. Are they buying or selling? The tell will be price action.

@Captain's Treasure