GOLD to rebound

Hi Traders

GOLD (now at 1198) has reached the target at 1182 and it's now supposed to rebound to 1226 and higher

TARGETS:

First up to

likely: 1226
possibly: 1231-32
maybe: 1241-43

Then down to
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)

ELLIOTT WAVES

GOLD is bouncing back up to form the very minor wave 4 in the 1-hour chart and 4-hour chart.

Then 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