jeannek
Short

Nov 11 - GOLD - Heading Lower to $970-$1,000 Region in 4-6months

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold (Weekly) @11 Nov 2015

On the mid-term outlook, Gold             is at the final phase of its major downturn from all time high of 1,900 (year2011).
Price is forming an Ending Diagonal - typical wave5 pattern following significant downmove or extended wave3.

A closer examine of the ending diagonal structure shows that a potential Final Down-Leg (lower degree wave_v) is under progress.
Projecting ahead with similar down-angle within the diagonal, expect the final wave to bring price towards the psychological $1,000 mark, or the subsequent 2.618 fibo expansion level of +/- $970.

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GOLD             (Short-Term Outlook)
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- expect immediate direction = UP in Rebound
- recent $100 fall from latest pivot high of 1,190-1,080 warrants an near-term rebound
- rebound target, taking the immediate resistance band overhead around 1,130-1,150 zone.
- expect price will move in similar angle from previous bounces within the diagonal
- shall the bounce materialised, expect the next move to be Down towards the mid-term targets.

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GOLD             (Mid-Term Summary)
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Price Target: 1,000, then 970 region.
Time Target: (4-6months from Oct'15) = Feb-Apr 2016
Comment: Follow my trading blog for more interesting stuff:
https://www.facebook.com/mytradingspace/posts/991335667605879
ADDED: Diagonal wave count

+1 Reply
I think that will be faster
Reply
maybe... :)
my price targets shall be quite there, time is hard to estimate.

If it really happens to reach only in feb-apr'16, maybe that means Fed decide not to make a move until Jan'16?? ...just a wild guess ~ ^^
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