Posted below is a gold chart showing a pretty regular 171 week blast-off cycle, which is next due to hit the week of 9/21/12, but could be as late as anytime in October or may have already bottomed if it came in early. If the gold market gets a decent pull-back into Sep/Oct after the current rally phase we're in, it may be a wave 2 before a powerful wave 3 up-leg. Of course, the cycle could fail entirely as it has twice since 1976.
It appears the cycle lows projected in
previous post for 8/17/12 area have turned up on schedule, but did not bring the anticipate price destruction as the cycle ended.
Other analysis on the chart below shows important timing in 2014 and 2017 for gold as well, and a potential resistance point around 2200. At this point, one can only guess if 2014 and 2017 may be highs or lows.
Kim Rice 8/26/12
No comments:
Post a Comment