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GOLD - ANALYSIS
As I said in my last newsletter about Gold (now at 1326.83), after the CBCA agreement in May, the message from the 20 major banks is very clear: European gold sales are over.
I also said that this is supposed to happen only around September 2014 when the fourth GBCA is going to be enforced.
Meanwhile, Gold should move up the area 1336-48 and then reverse down to the area 1164-54 (or lower) in 5 smaller waves to establish a primary low.
Equal probability for the other targets further down at 1089 and around the area at 1043-1032.
After all of this, it should resume the major trend up.
Note that I came up with a better wave configuration in the weekly chart. However, this didn't change targets and perspectives. Gold must complete the last wave down before resuming the major uptrend.
See the 4-hour chart: wave 1 down is completed. Wave 2 up is almost completed. The green horizontal lines in the daily chart represent the immediate targets of wave 2. After reaching the target, wave 3 should unfold downwards.
first to 1346-1348
likely: 1164-1154 (to form a triple bottom)
possibly: 1089 (to reach the theoretical fibo target)
maybe: 1043-1032 (to sit on the primary support)
Weekly chart - click to enlarge
Daily chart - click to enlarge
4-hour chart - click to enlarge
1-hour chart - click to enlarge