I can’t remember if it was here or somewhere else that I posted golds breakout, but in any case, it looks like the longer overall breakout is continuing. At the moment I think we’re in a wave 4 consolidation at the moment that will last till about December this year. At which point we’re looking at a push to the resistance level of the previous high made. Not the previous all time high, but the resistance level, which is only a short way below it. I expect then a consolidation zone before a push to the all time high. However that is the major wave of the push. We are at the moment still in minor wave 1 of the overall breakout.
Overall there are a couple of very long trend lines which I have not put in here that are resent on the log chart that stretch out since about the 1990s. This is a very long term move that we have here.
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Looking alright so far. We've moved a little beyond my point 4, but that was a pretty arbitrarily placed point. Its important to be aware that gold always, and I mean always sells off towards the end of every year and tends to rally through December or January. Its been that way for a long time, and I don't think this time is going to be much different.
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It looks to have put in a triple bottom. I think the price will stay below 1480 until the end of the year and then we can expect the price to come up after that.