muses of the moment

August 1, 2012

Alf Field July 31, 2012

Filed under: Gold and Silver Investing, Precious metals — Tags: — totallygroovygirlfriday @ 1:46 pm

Jim Sinclair ran Alf Field’s latest examination of the gold market.

Click here.

The low gold price on 23 July 2012 was $1564, certainly not a new low. Yet the gold price started rising almost immediately. Within a couple of days the gold price had broken upwards through the downtrend line that had been in place since the end of February 2012. This is a very positive development which will be greatly enhanced if the gold price continues to move strongly upwards over the coming days and weeks.

The bottom line is that we now have a really strong probability that the correction which started at $1913 on 23 August 2011 has been completed both in terms of Elliott waves and also in terms of time elapsed. If this is correct, the gold price should soon be expressing itself in violent upside action as it moves into the third of third wave which is still targeted to reach $4500.

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