About 6 months ago I published a chart trying to make sense of the upward a-b-c wave ... At that point in latest April this year ... I mentioned it would hit "heavy resistance at 1231 or thereabouts" marking 1232.73 on the chart, which it did ...
"It may try to take out the multiyear lows, and have a crack at the upper 1000's." Which it also did.
I marked out a line at ~ 1081 which bar a couple of short spikes down held as support (This line runs from 2008 high, and the bottom of a corrective wave in 2010)
"Because there are significant multi-year support lines in the upper 1000's and the confluence of the descending channel it's being forced bit by bit into a corner."
We had a break of the down channel to the upside for the first time in mid-October.
The wave formation very much suggests an ending diagonal very near completion. Whether this is the end of the entire wave, and a momentous multi-year low of gold, we will see. (Or possibly A will turn out to be 1, and C, 3)
I expect a final-low-for-now drop from the current price of 1088, say 1030-ish (gold drops hard to predict) then a jump to around 1300. A $270-$300 climb does not appear unrealistic.
"It may try to take out the multiyear lows, and have a crack at the upper 1000's." Which it also did.
I marked out a line at ~ 1081 which bar a couple of short spikes down held as support (This line runs from 2008 high, and the bottom of a corrective wave in 2010)
"Because there are significant multi-year support lines in the upper 1000's and the confluence of the descending channel it's being forced bit by bit into a corner."
We had a break of the down channel to the upside for the first time in mid-October.
The wave formation very much suggests an ending diagonal very near completion. Whether this is the end of the entire wave, and a momentous multi-year low of gold, we will see. (Or possibly A will turn out to be 1, and C, 3)
I expect a final-low-for-now drop from the current price of 1088, say 1030-ish (gold drops hard to predict) then a jump to around 1300. A $270-$300 climb does not appear unrealistic.