finitemonk

Could Gold go to $950? (3)

FX:XAUUSD   Gold Spot / U.S. Dollar
191 0 1
Also likely out of it's a-b-c-d-e             pattern & on a mission downward. No doubt this motive wave down is complete. Someone floated this idea recently ... That this is one of a 5 wave move down. I feel this - there is insufficient bounce.
If it moves up say to 1244, or 1283 or whatever, then starts downward under pressure from a strengthening $, maybe that 'gold falling with the Dow' happens, pushing further onto the $, no stocks, no PMs: must buy treasuries. Somewhat self perpetuating.
Unintended consequences: no-one knew or knows how this experiment would/will turn out. By printing billions & having it woosh back to the bond markets ... I think partly this what is happening. Gotta go somewhere. Like a lump under the rug. Say wave 1 is approx. 0.382, then full length ends approx. 917. Yellow upward lines are a long term channel. $950 is approx. the lowest it could go in this channel.
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