Gold Weekly August WC 18

Week Commencing  2014
28th 1043.00 1077.00 1137.00 1243.00 1248.00 1325.00 1363.00 1410.00
21st 1048.00 1080.00 1138.00 1245.00 1254.00 1327.00 1364.00 1411.00
14th 1054.00 1083.00 1139.00 1246.00 1260.00 1330.00 1366.00 1413.00
7th 1060.00 1086.00 1140.00 1247.00 1267.00 1333.00 1368.00 1414.00
  • Bullish Confirmation Levels:   M 1434 / W 1392 / D 1346          
  • Bearish Confirmation Levels:  M1179. / W 1181 /  D 1240
  • Current MAP Wave Count: c-3 of d-1 of D-3 of W-3 of M-5 of Q4

WC18: Last weeks low broke the reaming bullish potential MLL and so now the final possibility is the it SP holds, which is shown on the chart. Prices made neither a new high nor low which means that we have smaller fractal wave formation of m-1 and m-2. This week prices are projected to make a further sub wave division followed by a lower low. PMGWwc18082014 WC11; Price movement has been within projected parameters and the bullish case has been extremely weakened by recent price action.  The current 3 W012 channels are shown below and prices are struggling to stay above the upper channel ML, and if the current 4th support does not hold are expected to retest the central channel ML where support held for D-1. A retest failure of the upper channel ML will confirm the downtrend if the daily bearish confirmation at 1240 is not touched. PMGcWC12Aug2014

One Response to Gold Weekly August WC 18

  1. Marc says:

    If Monthly support of 1274 does not hold that will be the fourth failure of Q012ML (on weekly chart 1261 before 8 September), and so prices are then expected to test Q123ML and break 1200 around 1160-65.

    see Gold August Monthly update

Leave a Reply