{"id":30375,"date":"2012-06-21T10:55:34","date_gmt":"2012-06-21T14:55:34","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=30375"},"modified":"2012-06-21T10:55:34","modified_gmt":"2012-06-21T14:55:34","slug":"gold-still-at-risk-of-a-large-downward-move-before-the-rally","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2012\/06\/21\/gold-still-at-risk-of-a-large-downward-move-before-the-rally\/","title":{"rendered":"Gold still at risk of a large downward move before the rally"},"content":{"rendered":"<p><strong>By David Banister, <a title=\"Signup\" href=\"http:\/\/www.thetechnicaltraders.com\/237-9.html\" target=\"_blank\">markettrendforecast.com<\/a><\/strong><\/p>\n<p>Gold has been busy consolidating in what I believe will be a 13 Fibonacci month Primary wave 4 correction.\u00a0 The Gold bull market I\u2019ve been following since 2001 is a likely 13 year bull cycle that will end in 2013 or 2014 depending on how you count.\u00a0 This current correction pattern is working off a 34 Fibonacci month rally that took Gold from 681 to 1923 at its ultimate highs.\u00a0 Last fall I warned about the parabolic run likely ending in the 1908 ranges and for investors to position themselves accordingly.<\/p>\n<p>Today we have Gold trading around 1600 and our recent forecast in May was for a rally into Mid June topping around 1620-1650 ranges in US Dollars.\u00a0 The intermediate forecast still calls for a possible drop to 1445-1455 ranges this summer, the same figures I gave out on TheStreet.Com interview last September for a Primary wave 4 low.<\/p>\n<p>Only a close and a strong move over 1650 will eliminate the downside risk in my opinion.\u00a0 Below we can see a weekly chart showing the 34 week moving average line as well as the obvious downtrend line. The 34 week moving average line acted as support during the Primary wave 3 rally from 681-1923.\u00a0 It now is acting as a resistance ceiling to break through, and I don\u2019t think we will until this fall.\u00a0 The likely cyclical lows for this Gold correction will be in the October window and investors should make sure they are positioned long by that time.<\/p>\n<p>Subscribe to our regular updates to stay informed on a dialy basis on the SP 500 and GOLD in the meantime with a discount offer.\u00a0 Go to <a title=\"Signup\" href=\"http:\/\/www.thetechnicaltraders.com\/237-9.html\" target=\"_blank\">www.markettrendforecast.com <\/a>to sign up or to ask for our free weekly reports.<\/p>\n<p><a href=\"http:\/\/www.themarkettrendforecast.com\/forecasts\/wp-content\/uploads\/2012\/06\/620-tmtf-GOLD.jpg\"><img loading=\"lazy\" decoding=\"async\" title=\"620 tmtf GOLD\" src=\"http:\/\/www.themarkettrendforecast.com\/forecasts\/wp-content\/uploads\/2012\/06\/620-tmtf-GOLD.jpg\" alt=\"\" width=\"741\" height=\"428\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><strong><a title=\"Signup\" href=\"http:\/\/www.thetechnicaltraders.com\/237-9.html\" target=\"_blank\">www.markettrendforecast.com<\/a><\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By David Banister, markettrendforecast.com Gold has been busy consolidating in what I believe will be a 13 Fibonacci month Primary wave 4 correction.\u00a0 The Gold bull market I\u2019ve been following since 2001 is a likely 13 year bull cycle that will end in 2013 or 2014 depending on how you count.\u00a0 This current correction pattern &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/forex-news\/2012\/06\/21\/gold-still-at-risk-of-a-large-downward-move-before-the-rally\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold still at risk of a large downward move before the rally&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-30375","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/30375","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/comments?post=30375"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/30375\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/media?parent=30375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/categories?post=30375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/tags?post=30375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}