Gold nailed our September 6 forecast last week [see: Sep 6 Update on Gold], fulfilling both the Bat Pattern and Butterfly Pattern objectives in the exact time frame we expected — the confluence of the ECB, GCC and FOMC decisions. Here’s the chart posted on the 6th:
Since reaching the .886/1.618, prices have stalled out and are due for a pullback. (Note, I’ve adjusted the red pattern’s Point X.)
The minimum retracement I expect is to the purple channel line at 1746. It also marks the yellow channel line that’s several years in the making. If things get rolling, we could easily test the 1700 levels.
Good luck to all.
Comments
2 responses to “Update on Gold: Sep 17, 2012”
Can I get a quick level set on what is your position is going into this week with regards to the SPX. Short? Long? key levels that would warrant a a switch from your current position. Thanks in advance
Still short from 1474. See target levels from Friday. Updating right now, but no major changes from that post.