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SalN

Gold Idea

Long
Gold Spot / U.S. Dollar (FX_IDC:XAUUSD)  
SalN Updated   
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Wave Analysis Chart Patterns Gold GLD XAUUSD JNUG NUGT GDX GDXJ JDST DUST
6
0
waveanalysis chartpattern gold gld xauusd jnug nugt gdx gdxj jdst dust
Looking for something like this
Comment:
Top will be in soon IMO. The RSI is overbought on both the Weekly and Daily with the daily making a bearish divergence.
snapshot
Comment:
I think gold has one more push higher towards the .618% Fib around 1585 range before starting a very large C wave down to at least $710 - 720....which would be equal to 100% of the A wave down from 2011 highs. Of course it could extend but first things first. In the short term here...I think we have a little bit more of a drop to go before a brief rapid climb to that 1585 level. Then it should be JDST or DUST for several weeks down to the 1380 range to start. GL.
snapshot
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