I'm a long-term bull
who anticipates gold's price rising to at least $5,000 -- an estimate I regard as very conservative -- and so I am happy to continue accumulating at well-established support levels. I believe the recent lows of $1180 reached at the end of 2013
constitute a major support level
, the recent highs of around $1380 established in mid-March constitute a swing high, and the lows of around $1275 in early April
as another swing low. Mapping these into an AB=CD
pattern, we see a price target of approximately $1438 on June 9, 2014.