Gold has made a triple bottom around 1183 as predicted (see weekly chart and daily chart) and started a corrective rally. However, there's still no sign of the typical waves that mark the end of the major downtrend that started in Sept 2009.
Hence, it should make a new top in the area 1249-52 or even 1263-64 before resuming the downtrend to the area 1164-1154 and lower.
first up to
likely: area 1249-52
Possibly: area 1257-60
then down to
Likely: area 1164-1154
possibly: 1089 (to reach the theoretical fibo target)
maybe: 1043-1032 (to sit on the primary support)
GOLD is bouncing back up to form the very minor wave 4 in the 1-hour chart and 4-hour chart.
The new wave down after this temporary top would be wave 5 of the larger wave 3. See daily chart. This little wave 5 should break through the support at 1182-83
Gold might finally sink to a new "historical low" at 1064-1054 or $1089. The area at $1043-$1032 is, by the way, the ultimate support. Note that even Goldman-Sachs still sticks to forecast a low at $1050.
This low should mark the absolute minimum that everyone was waiting for, given that the ultimate support at $1043-$1032 is considered almost unbreakable.
This final wave would be the "5th of the 5th of the 5th" in the 1-hour chart and 4-hour chart. It would also complete major wave 4 in the weekly chart. If this is true, a major uptrend should then follow.
Weekly chart - click to enlarge
Daily chart - click to enlarge
Wave oscillator - daily chart - click to enlarge
4-hour chart - click to enlarge
1-hour chart - click to enlarge