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Long

Potential gold bull cycle

FX:XAUUSD   Gold Spot / U.S. Dollar
220 2 2
Provided the rounding bottom curve supports any future pullbacks, there is a good chance that gold             has embarked upon a directional shift, most likely a B-type ( bullish ) corrective cycle. This directly implies that the overall price motion since 2011 could be classified as an A-type ( bearish ) corrective cycle. Short term major resistance may be found in the range 1200-1230, whereas an annual target can be identified through the bullish Wolfe wave formation (~1400). B-waves are usually strong, and therefore ultimate targets above the previous highs are possible (for instance 2000+).
if you look hard enough you will start seeing mermaids on that chart!
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There is another bullish pattern hidden within the gold price oscillations apart from the Wolfe wave, and this is the Three Drives pattern.

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