04.11.2011 - Gold targets $2350 as Wave 5 begins, $1680 critical
It’s been several weeks since I’ve written about Gold and we have had a wild ride since the $1910-$1920 highs in August. At the time as we approached I forecasted a major correction was due and we were shorting the rise from $1862-$1910 prior to a huge $208 drop that took place over just a few days. We covered our short at $1725 and then Gold rallied back to a double top at $1920 and then fell back to $1531. That pullback to $1531 qualifies as a Fibonacci retracement of the 34 month rally from $681 to $1920, and would also qualify for a price low for a 4th major wave correction...............................................Full Article: Source
Print