Gold Yearly 2014 – updated July

Gold Yearly Support Resistance (minor support resistance is at ML's - see chart)

2019 424 828 1016 1557 2196
2018 412 795 1000 1522 2165
2017 407 758 982 1489 2127
2016 399 730 963 1458 2087
2015 387 698 947 1421 2059
2014 380 662 928 1392 2027

 

PM Gold Yearly SR 20140716130920

Gold bounced off its minor resistance at 1392, making its high for the year. It needs to build subwaves to complete this correction and the triangle it needs to break out of is the M123ML as resistance and the Y ML which is support which means golds trading range for this year has its high and the year will end on a low spiking no lower than 110 with a close around 1162. Then next year will make a high on the M123ML and a low on the M123MLL around 1015.

I want to start to add yearly charts so starting with Gold. To Put wave development into context over extended time we look at log scale.

PM Gold2014010404 Yearly Log

Above I have added in bull and bear periods showing % change as well as duration from tops / bottoms. So we have had a 9 year bull market, followed by a 19 year bear market followed by a 12 year bull market and are currently in the 3rd year of the bear market.

Also shown are the expected normal and extreme wave corrections which can be better seen below in the non log chart.

PM Gold2014010404 Yearly

You can see 2013 closed below the Q012ML, however prices have not hit the Q123ML, so it is very unlikely that this correction is over, which is evident when you go into smaller time frames. The expected high close for 2014 is $1271, and prices are expected to fall to the Q123ML around $1260 which is the minimum possible correction. If the Q123ML is broken then prices are expected to drop to the Q012MLL around $700, where I expect the minimum correction to complete before the bull market resumes. However as prices overshot the Q012MLU, it is highly likely that they will equally overshoot the Q012MLU and stop at the Q123MLL around $400 sometime mid to late 2015.

One Response to Gold Yearly 2014 – updated July

  1. Marc says:

    I have added Yearly support and resistance levels onto the chart.
    Support {} Resistance for 2014
    352 385 661 689 {} 1853 1951 2027 2067
    If you look at the wave formation on this level it strongly suggests we have had this years high which on the monthly scale show M-4 is in.
    A break of last years low will leave a nice gap for shorting gold which is the type of capitulation we need to shake the goldbugs out of the tree with a good panic spike low!

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