Friday, November 4, 2011

Medium Term Gold Update

Gold appears to be consolidating as a 4th wave triangle, labeled as wave 'iv' circle. The outlook is for gold to be range bound for several weeks before breaking upwards towards the $2000 level in anticipation of completing wave (5).

MACD is at an extreme at the top of wave 'iii' circle implying wave iv circle needs to unfold and when complete should break upwards to a new high.

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