Short-Term Gold Correction Appears to Have Ended

Key Observations:

The short term trend remains bullish with all trading above the one month average now at 1405.

March 2-10 appears to have completed a minor Wave 4 low off the Jan 28 low. See both daily and point and figure chart. The point and figure chart shows an “expanded flat” correction, common in wave 4 pattern lows.

The lower volatility band at 1410 on the pf chart sloping into 1410 will be supportive of the one month average at 1405 short term.

Resistance will be encountered on the pf chart on return moves to the support trendlines off the feb lows and the upper volatility band.

The daily chart shows that the Dec 7 high and the March 7 high occurred on NFP dates. The Jan 3 “secondary” high preceded a NFP date by 4 days. I'd be on the lookout for confirmation of a “final” wave 5 high off the Jan 28 low around the first week of April.

Remember that the year close in the April contract is 1423.6, and that by the first week of April, you will want to be looking at the June 11 price data to trade, not the April.
As higher highs are reached, expect a negative divergence on the RSI