Futures Oro
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GOLD - ARE WE GOING TO SEE RECORD HIGHS?

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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
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GLD: Chart looks the same as IAU and GC! futures. Nice clean WXY with a perfect 1.272 fib extension
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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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Nota
UPDATE: Looking very good so far, another buy opportunity has been highlighted by the blue box
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Nota
Hit by other buy opportunity perfectly, we are now heading to 2100+ usd
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