In general, yes and yes.
Again, the timing depends on your goals. In the long term picture, entering both positions now would pay extremely well, but will likely hurt in the short term. Although I would be long-term cautious about any non-physical gold position, as the paper gold institutions will eventually come under pressure, themselves.
But there is a final Wave 5 to follow the pending minor W4 currently rolling over. These waves are SO BIG, that even the current minor 4 will likely take a month or so to finally roll over. Similarly, even though it is a minor wave, it will probably seem intense.
Gold is has a different EW personality which I can try to relate to you, but its a little more complicated. Bottom line, VERY big picture, it is generally mimicking the broader market, but trailing it. It appears that gold's W5, which for physical commodities is typically the most powerful upward wave, will interlock with the opening of the broader markets' rolling over into super-cycle Wave A. This Wave A is so big, that there will be embedded, eye-watering up shots. In fact, something like 17 of the Dows 20 best days are in the middle of catastrophic Bear markets ("Bear" in that context meaning, the minor Wave 2s and 4s of the 1932-2018 Big Bull).
So that said, the big picture gold price EW count is also completing a Wave 5 top of the Wave starting with Nixon and ongoing. Additional context: Wave 3 peaked at the end of the Carter era.
In the short term I expect gold, and possibly even NAK, to continue a minor selloff. By minor, I mean Gold could dip potentially dip below $1100, momentarily. Again, price targets, while obviously important, are fundamentally not guaranteed and less important than wave counts as they develop. Future price action is only "modeled." Projected waves represent the typical Fibonacci ratios of the branches of "nature's ideal pattern" for said wave. Nature's patterns often/always mutate a little, but an oak tree is still recognizable as an oak tree because it has clear, recognizable segmentations based on its typical fibs. And similarly, often even, projected EWs are impressively exacting.
In the longer term, since we are tracing a 5th major wave for gold, I would EXPECT a minimum fib of 2.61 times the Cater era W3 price peak, but will count-out the wave segments in real time to make decisions.
