{"id":36408,"date":"2013-02-24T22:42:11","date_gmt":"2013-02-25T03:42:11","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=36408"},"modified":"2013-02-24T22:42:11","modified_gmt":"2013-02-25T03:42:11","slug":"gold-should-be-completing-a-cyclical-low-in-february","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2013\/02\/24\/gold-should-be-completing-a-cyclical-low-in-february\/","title":{"rendered":"GOLD should be completing a cyclical low in February"},"content":{"rendered":"

David A. Banister – www.markettrendforecast.com<\/a><\/b><\/p>\n

Over the past 5 calendar years we have seen GOLD either complete an intermediate cyclical top or bottom in each February.\u00a0 My forecast was for February of 2013 to be no different and for Gold and Silver to make trough lows this month.\u00a0 With that said, I did not expect the drop in GOLD to go much below $1,620 per ounce at worst, but in fact it has. Where does that leave us now on the technical patterns and crowd behavioral views?<\/p>\n

First let\u2019s examine the last 5 years and you can see how I noted tops and bottoms in the chart below:<\/p>\n

\"ATP1\"<\/a><\/p>\n

That brings us forward to todays $1,573 spot pricing and trying to determine where the next move will go. To help with that end, some of our work centers on Elliott Wave Theory, along with fundamentals and traditional technical patterns of course.\u00a0 In this case, the recent action around Gold has been very difficult to ascertain, and I will be the first to admit as much.\u00a0 With that said, one pattern we can surmise is a rare pattern Elliott termed the \u201cDouble Three\u201d pattern.\u00a0 Essentially you have two ABC type moves, and in the middle what is dubbed an \u201cX\u201d wave, which breaks up the ABC\u2019s on each end of the pattern.\u00a0 For sure, if we add in traditional technical indicators along with sentiment, we can see very oversold levels coupled with the potential Double Three pattern and probably start getting long here for a trade back to the 1650\u2019s as possible:<\/p>\n

\"ATP2\"<\/a><\/p>\n

Obviously this chart shows oversold readings in the lower right corner using the CCI indicator. That said we would like to see 1550 hold on a weekly closing basis to remain optimistic for a strong rebound.<\/p>\n

About the Author<\/em><\/strong><\/p>\n

David A. Banister<\/b><\/p>\n

Consider our free weekly reports by going to www.markettrendforecast.com<\/a><\/strong><\/p>\n

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

David A. Banister – www.markettrendforecast.com Over the past 5 calendar years we have seen GOLD either complete an intermediate cyclical top or bottom in each February.\u00a0 My forecast was for February of 2013 to be no different and for Gold and Silver to make trough lows this month.\u00a0 With that said, I did not expect … <\/p>\n

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