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Commodities Briefing - Categorized | Bullion/Gold, Market Moves more

The long and winding gold- (bull cycle about to begin)

Posted on 08 April 2013

The dramatic 2-3 day take down in gold spot pricing action smells and looks like capitulation to us at The Market Trend Forecast. We have been calling this entire 19-20 month consolidation period as a Primary wave 4 correction pattern, though complicated for sure. It has had multiple false rallies and buy and sell signals the entire time. With that said, the pattern is set up a for final 5th wave decline, which we are seeing now at the beginning of April.
Traditionally, gold tends to meander or be weak in April anyways on a seasonal basis. This sets Gold up to rally in May into July with another soft patch, followed by a fall rally. However, our technical analysis is predicated on our Elliott Wave analysis, which says this entire 20 month correction is a “Double Three” correction pattern. Essentially its two ABC patterns with an “X” Wave rally in the middle to really confuse everyone………………………………………..Full Article: Source


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This post was written by:

VRS - who has written 36130 posts on Opalesque Commodities Briefing.


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