Wednesday, May 4, 2011

Long Term Gold Price - A Top at hand?

A Top in Gold?

All eyes on Gold - but for the opposite reason.

The gold price has reached unprecedented levels with what looks to be a significant 5 wave upwards thrust near or at completion. This has significant implications for the Gold market over the medium term and may see a several hundred dollar sell-off over the next few years.My last major update on Gold was back here and the wave count has remained the same - with wave (5) yet to complete.

Under this count, the gold price would need to decline to the bounds of the previous wave (4) at around $1000 or lower to the previous wave '4' of a lesser degree at $600.

Looking at the shorter term wave structure there does remain the possibility that another small push upwards would complete the small degree wave count. More on this later...Be very cautious.

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