3 replies to this topic

[tsharp]

Gold continues its decline.  Just where might the correction end?  

 

In the IT, I would look for potential support down at the 1090-1100 range to complete wave-c, which is the fib 50% retrace, and in the range of previous support at the wave-b low; the indicator line would likely also be in the range of one of the two lower UTLs.  A bounce in wave-d would be next... then ultimately, I look for gold to find its bottom down between 900-1000... the ~890 level is the .618 retrace, and a classic level to complete a correction.... this is still a ways out, so I watch with interest.

 

Link to gold weekly chart:  http://postimg.org/image/ji681kee1/

 

[Geomean]

Something happened @ 10 am, USDJPY moved down & @ GC  & EURUSD shot up, (modest action by NY fed?), 

 

This action would initially appears to be a subminuette Wave 4 retrace of the move down from 12/14.  A 50% move back would target @ 1146, the TDST line (resistance) is @ 1144.22 before the final(?) move down.  A move above 1152 would invalidate that count.  Some very significant fib resistance @1120.1, the .786 retrace of the 12/2015 -7/2016 move.  Target area for low is 1096-1120. 

[tsharp]

From Armstrong's Friday update... sounds like a likely reason for the small surge in gold on Friday... saber rattling...

 

"US stocks drifted lower for the majority of the session but did bounce off of afternoon lows just into the close. The news of surrounding the US drone in the south China Seas certainly wobbled US stocks but given the amount of monies still sitting on the sidelines, was always going to be temporary. All eyes and ears will be on the weekend press and the US/China relations but will probably all be forgotten by Monday."

 

https://www.armstron...cember-16-2016/

[Russ]

I agree next March looks like the likely final low, a test of the 1980 high is possible... $850 or so