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Gold spot - medium-term outlook (chart)




Gold spot chart since last fall. The low was in October. Using elliot wave technique, we then saw a huge upward trend until March (this top is the "4th mine field victim" - see previous chart) that we can call an -1- wave. The next -2- wave is in that triangle drawn above. Wave -2- is not completed yet, since only the subwaves (a) in April (peak down), (b) in June (peak up), and (c) in July (peak down) are complete. I expect a move to $980 (subwave d) after a short-term consolidation to $947 (maybe $937) followed by a move down to the $930-5 which would be subwave (e) which would finish the wave -2-. Wave -3- would be a strong upward move. However, the zone around $1000 used to be a "mine field" that has to be passed first. So far so good, we have to see how the theory works... (that's why I actually do not like medium-term and long-term outlooks