GOLD LIVE CHART

Gold

MonthlyThe WSJ (see front page) ‘closed the book on an historic rally’ in gold today. Interestingly, the market is nearing levels from which to attempt an advance. Keep the following levels in mind…

-1156 (July 2010 low), 1086 (50% retracement of the rally from the 1999 low), and 1033/44 (2008 high and 2010 low).

-The drop from the 2011 high can be counted in 5 waves with wave 5 in progress (Elliott). 61.8% of waves 1 through 3 yields 976 (it’s worth noting that on long term arithmetic charts, markets sometimes come up short of bearish targets but exceed bullish targets…think about the math). Watch the 1-3 line (line off of the September 2011 and June 2013 lows) for support as well.

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