Gold 2017

August is the decision point for gold, and to complete a 5 wave correction it will break down to final lows in 2018, ideally around £900 in May, and can be as late as October around $800.

3 Responses to Gold 2017

  1. Hermann says:

    The reaction of gold was very lame and lasted only some days.
    Gold and silver are now showing weakness on its own.
    The short contracts are going down with the price, so no forced retreat.
    That seems to be very good.
    Gold refuses to climb with the euro and refuses to recover or stabilize like metals so it shows simply weakness on a time it should find ground.
    Instead we have a bounch of crypto money going tulp mania.

    When the trend reverses in USD sooner or later we can expect a deep downleg in gold and silver with rising USD.
    After that a situation like December 2015. No shorts left, longs terminated. All weak hands destroyed or willing to sell on a bounce. A great washout. After that it can only go up.

    Will be interesting to see if we get the lower low, since the count is not so clear but i would assume yes we will and Marc will be right with the price.

  2. Hermann says:

    Now we see a typical triangle builded of the low and the reaction high after the gap closing as waiting phase for the trend.
    We can now see a very short lived false outbreak or simply a trend creating in the wave structure.
    So watch out if more smashing comes the way or the washout builds a bottom for the next days to weeks.

  3. Hermann says:

    Thanks Marc for the big picture.

    Within the wave , half an hour ago we had a gap to the downside for both Gold and Silver.
    Until now no news to explain, just paper gold and silver smashing the price. No move in currencys or oil so this is not related to other markets.
    The wave structure looks like, that this outwash completes the shorter term downwave. I see a complete 5 wave pattern down in the chart 1 sec. and 10 min.
    If there is no follow through action to smash gold and silver we will see now a relief rally. If more smashing occurs of course we can see a waterfall event. But it looks not so, cause downwave seems complete, other than in waterfall with getting longer on each fractal.

    But this would not change the big picture Marc tells.

    I bring this in because it is the first real gap in the gold chart at bright daylight that i am able to look into the wave pattern in real time.

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