Today’s advance in gold seemed to bring some hope. Though I waited for the futures closure as I had been skeptical since the beginning of advance and knew what the stock should accomplish in order to confirm the reversal from candles perspective.
If you look into the closing candle under microscope, you can see that it closed precisely under 200 MA and 8 EMA.
It was a mighty attempt to recover, but it was insufficient. The candle theory suggests that, for this particular formation, we wait until the green candle closes above the high of the last long candle – 1822.60 – before taking any long position. It could happen tomorrow or the day after, but I view the chances as very slim as of today. I believe GC is working on its wave 4 as marked on the Mid term chart.