#Gold Longer-term

As the short-term picture becomes clearer, I'm revising the view for the next six months (first published on May 27).

The image below is based on the assumption of a larger rising wedge, which is dictated by the complexity of the moves observed since 2019, and specifically by what occurred in 2022-2023, which appears to be subwaves of WXY (double zigzags), which usually form 12345 waves of expanding or contracting diagonals.

I will reiterate that while the multi-year trend is up, I still see the next 6-8 months as extremely challenging for stocks, energy and precious metals.