Gold

Gold (Bullion) forecast based on EW:

I just posted the below blog after having a look at the gold chart today. I haven't been following this thread, so apologies if some of it may overlap with what you guys are saying, which I strongly suspect will be the case since most of us look at similar things.

demo.chartsview.co.uk/Chartsview-Blog/fi...-could-be-going.html

These are the chart's I posted within the blog (only 2) - but the next key area for me is the 50% fib ext from extreme low (2005) to extreme high (2011)




Closer up view

Some interesting charts and with the continued fall and comments from the BBC news article 28 June 2013 Last updated at 02:40 GMT <<Gold price falls below $1,200 an ounce>>

"You don't want to catch a falling knife, so people who might be buyers are stepping aside and don't want to show gold at their quarter-end statement," said Axel Merk, chief investment officer at Merk Funds."

Maybe Remo's 1160 bounce will occur first, only another -3.5% odd down today and Monday? and then the mid November CQG EW forecast 1096 to 1093 -8.8% to -9%.

Some charts (oil/US$/Gold):-

www.macrotrends.net/1311/asset-price-bubbles-since-1976
www.macrotrends.net/1335/dollar-gold-and...chart-last-ten-years
www.macrotrends.net/1334/dollar-gold-and-oil-historical-chart

Keep an eye on 1267 as that's the 123 low breakout point after bullish divergence on indicators

Low of 1180 was 1, 1267 2 & 1208 3

Hi RC,

I was looking at Gold last night and for the last week.



I think it is heading towards the LONG LONG term 50% fib retracement area in the short term (maybe even further, there is an oblique long term support - blue line - also to consider)



There is, as you have indicated, a potential 1,2,3 breakout on the daily chart, however it may not be a great move up, and if you choose to go long, I would perhaps take some off @ 1330/1335 which is the previous support & 38.2% long term fib mark. It is also within the oblique channel range.

Just something to consider if you choose to go long.

I think I will opt to go short in around the 1330/1335 area, and, depending on price action, go long @ the 50% fib area.

Im going to add to my longs from earlier today at 1268 did not post as based on hourly chart and entered earlier....

dl.dropboxusercontent.com/u/4899609/hourlygold.png

A finish above this would be the signal for a short term rally...Possibly a 123 low as redchilly mentioned.


dl.dropboxusercontent.com/u/4899609/gold9thjuly.png