{"id":31484,"date":"2012-08-08T18:30:47","date_gmt":"2012-08-08T18:30:47","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=31484"},"modified":"2012-08-08T18:30:47","modified_gmt":"2012-08-08T18:30:47","slug":"gold-close-to-confirming-breakout-to-all-time-highs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2012\/08\/08\/gold-close-to-confirming-breakout-to-all-time-highs\/","title":{"rendered":"GOLD close to confirming breakout to all-time highs"},"content":{"rendered":"

David Banister- www.markettrendforecast.com <\/a><\/strong><\/span><\/p>\n

Back in the fall of 2011 I was warning my subscribers and the public via articles to prepare for a large correction in the price of GOLD.\u00a0 The metal had experienced a primary wave 3 rally from $681 per ounce in the fall of 2008 to the upper $1800\u2019s at the time of my warnings in the fall of 2011. A 34 Fibonacci month rally was sure to be followed by an 8-13 month consolidation period, or what I would term a Primary wave 4 correction pattern.<\/p>\n

We have seen GOLD drop at low as the $1520\u2019s during this expected 8-13 month window, but at this time it looks to me like a break over $1630 on a closing basis will put the nail in the wave 4 coffin. I expect GOLD to rally for about 8-13 months into at least June of 2013 and our longstanding target has been in the $2300 per ounce arena in US Dollar terms. Some pundits have much higher targets in the $3,500 per ounce or higher area but I am using my low end targets for reasonable accuracy.<\/p>\n

This 5th<\/sup> wave up can be difficult to project because 5th<\/sup> waves in stock or metals markets can be what are called \u201cExtension\u201d waves. This means they can have a potentially much larger percentage movement relative to the prior waves 1 and 3 of the primary bull market since 2001.\u00a0 You can end up with a parabolic move at the end of wave 5, where those $3000 plus targets are possible.\u00a0 I expect the 5th<\/sup> wave to be about 61% of the amplitude of wave 3, which ran from 681 to 1923, or about $1242 per ounce. If we were to apply that math, we come up with $767 per ounce of rally off the wave 4 lows.\u00a0 $1520 plus $767 puts us at $2287 per ounce, or roughly $2300 an ounce low end target.<\/p>\n

In summary, crowd behavior is crucial to the next coming movement in GOLD and it could be a sharp rally that catches many off guard, much like the downdraft last fall did the same to the Bulls. Be prepared to go long GOLD once over $1630<\/strong> per ounce and buy dips along the way up to $2300 into the summer of 2013.<\/p>\n

Receive our free weekly reports at www.markettrendforecast.com<\/a> or sign up for a discounted subscription and get our reports daily on the SP 500 and GOLD.<\/p>\n

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David Banister- www.markettrendforecast.com <\/a><\/strong><\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

David Banister- www.markettrendforecast.com Back in the fall of 2011 I was warning my subscribers and the public via articles to prepare for a large correction in the price of GOLD.\u00a0 The metal had experienced a primary wave 3 rally from $681 per ounce in the fall of 2008 to the upper $1800\u2019s at the time … <\/p>\n

Continue reading “GOLD close to confirming breakout to all-time highs”<\/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-31484","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/31484","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=31484"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/31484\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/media?parent=31484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/categories?post=31484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/tags?post=31484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}