GOLD - The sky is not falling on your head ... yet ...

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
106 0 4
In my opinion, we are still in a pullback since the beginning of July. The correction looks like an a-b-c ( zig-zag ).
We are actually in the last wave to end Primary 2. Possible Fib. retracement from the top are
1250 (38.2%), 1211 (50%) and 1174 (61.8%). Actually, 1240 equals 162% of wave-a ... On a lower time frame, we can see a Descending Broadening Wedge ending near 1250.

The pullback can be over but it is still possible to make another wave 4 (smaller degree) and another low to end
this pullback before going higher for Primary 3.

Gold's drop is a strategic buying opportunity. Last tuesday (Oct. 4th), for no apparent reason, we saw 3.2 million ounces (1000 mts             ) of paper gold             dropped on the Comex opening and over the next 30 min.
Market manipulators choose a Chinese Holiday to massively attack gold             prices. Price wise, this represents a good opportunity to add some position in Gold             .

This past week there was some panic selling in Gold             which is what we need to see happen to put in an important low. If Gold             were to break below the 62% retrace on a closing basis, that would be the first red flag that the bull market in in Gold             is in trouble.
At this moment, this is a normal correction taking place in one of the strongest first legs up in history for Gold             .
The long term bull case is still inact. Gold             will not go below 1,000.

Disclaimer : I am trading Gold             stocks and NUGT/DUST for short term trading.
Please trade at your own risk.

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