Monday, December 21, 2015

Gold Rally Is Imminent: How Prepared Are You?

Since 2011, Gold has been on a free fall from $1920.5 per ounce and now, only been supported by a psychological $1000 price level.

I labelled the rise to $1920.5 a 5-wave impulse.

From a larger forecasting point of view, Gold might still fall in the future to $671.11 after an expected rally to $1450-1500 price levels. All these will be, if the correction from $1920.50 will be a deep or complex zigzag corrective pattern.

Of course, we can always adjust our analytical forecast as price determines evolving patterns.

Right now, what we see is a clear 5-wave fall from $1920.50 which is labelled as the first leg of the correction of the impulse wave that ended in September 2011.

The weekly chart below shows this clearly.

The second leg, a prospective 3-wave rally, is expected to end around $1450-1500 price levels.

More so, the fifth wave of the impulse dip from $1920.50 is a clear ending diagonal pattern which gives us more confidence as to the expected rally. This is shown in the daily chart below.

$1000, a psychology price level, is expected to hold as a support. A dip below it could hamper the price of Gold going up.

A break above $1100.35 should trigger a long trade as price is expected to break above $1193.7 and to $1300.46 in the medium term.

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