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Saskatchewan's SECRET Gold Mining Development.

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$Gold Monthly

Gold prices have seen their fourth monthly close above the 61.8% retracement level on a monthly basis, meaning that either the gold price is meant to price this level indefinitely or resume the Wave One extension paradigm.

A simple calculation of the rise in gold prices since the start of the bull market suggests a ~7% annualized price advance. But the annualized rate was formerly 11%. It would not be a stretch to say that gold prices have some catching up to do.

Since the price bottom, gold prices have advanced some ~12% over the lows, and if this correction is analogous to the last major price assessment, and that the wave one extension paradigm is still valid then gold prices should see an initial rise to the $1740/oz US level.

A great deal would depend on asset price declines in major equities indeces and concomitant negative nominal rates at the short end of the yield curve.

There are fewer aggressive sell side players in the bullion markets at the open of trading for November judging by lackluster participation, whereas the end of June was an absolute stampede out of bullion assets.

http://scharts.co/18SFo10

-F6

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