Gold is one of a few so called X currencies or supranational currencies due to ISO 4217 standard. If we add Au for Aurum, we will get its code XAU or XAUUSD well known to all traders.

Gold Monthly Chart

Let us start our view of the gold rate today from the Monthly chart. On the figure below I have drawn the two aquamarine lines. The line up indicates the bullish move lasted 10 years from 2002 till  2011. The line down reflects the current bearish mega trend. As for the growing move, we can call it the momentum or impulse wave A. The descent we are facing since 2011 looks like a correction to the previous rise. However, the new down wave has put the blue-red line on AO indicator much below the starting low of the previous climbing wave that we called the A. Consequently we would rather account this falling wave to be the new A starting the new down trend. That is true for the Monthly chart at least.


Gold Weekly Chart

When studying this new down A on a Weekly chart, we will see that it comprises a three-wave move marked with the grey lines. We will also notice that another grey wave has cropped up. Now this wave could be appointed to be the fourth corrective wave after which the fifth impulse wave should resume the bearish trend.


Gold Daily Chart


The fourth corrective one looks like a three-wave structure on a Daily chart. And now we feel the bullish impulse C developing.



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