Gold is favored ended the cycle from 8/16/2018 lows where the daily right side is up in wave ((3)) at the 9/4/2019 highs at 1557 and a pullback to correct the cycle from the 8/16/2018 wave ((2)) lows ended wave ((4)) at 1446 on 11/12/19 where the 4 hour is turning up. While above there the metal can continue higher in wave I toward the 1650 area. Afterward the metal can correct the cycle from the 12/12/17 lows.
u have vol increased on that initial move 3 days ago and that candle closed well of the highs, the candle after that made no progress upwards and u have the candle of yesterday that s a reverse upthrust with the highest vol we ve had in months on daily chart(closes at the lows). i wouldn t buy gold unless i see some vol like that or even higher coming of the lows. ofc u have news driven panic(iran, usa, trade wars etc) but if u look at the chart without even looking at fundies u should be able to tell the signs rising even before such events sometimes. remember that people move the market(institution etc) and how those people react to events, or sudden moves in the market are expressed by fear and greed etc…i m pretty certain that Gold(commodity) had no idea that iran retaliated against an american base yesterday. so u can draw ur own conclusions.
My man! Your blowing accounts talking about cycles. Leave them to the gym and start your education here.