02/28 Gold Weekly

A Lookback

Last week we posted a below chart, noting that the previous scenario was a hair-thin away from invalidation and indeed it was invalidated on the Russia-Ukraine crisis.

https://www.tradingview.com/chart/XAUUSD/RSBzrf6O-XAUUSD-Update/

Next Week and Thereafter

Losses on gold during the last few weeks made our performance dip (scroll down the main page for chart), largely compensated by successful trades elsewhere. Despite that, we continue to remain bearish. The below chart illustrates an updated scenario were what we previously labelled as abcde triangle morphed into wxy correction.