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Dec 8th - Gold UpdateDavid Banister The Gold patterns are getting more complicated as we are in a 5th and likely final wave structure of a 5 wave bullish impulse patterns. I've mentioned in articles and elsewhere that 5th waves are extremely difficult to predict the amplitude of. They can be extension waves or truncated waves etc. My 1485 figure on the low end was predicated on this structure up being relatively normal, with a shot at 1525 on the high side. So far, we hit 1431 this week which was a new high for Gold, and past the wave 3 highs of $1,425. That means my forecast is on track, but again, figuring out the amplitude of wave 5 is tough. With that said, a drop to 1370-1381 would still be OK from the 1431 highs this week. However, I need to see it pivot off one of those two figures or in between those figures and rally past 1431 to continue this 1485 projection for Gold. Bottom line: This is a normal pullback after a $100 run in gold from 1331-1431. We need to see a pivot at 1370-1381 ranges back up, and if so, I would like to see 1470-1480 hit next. If I was a buyer of Gold, I would be looking to buy from 1370-1385 ranges with a stop at 1365. ### David Banister David A. Banister is the founder and Chief Investment Officer of Active Trading Partners, LLC. David uses his unique methods of forecasting major market turns in addition to Gold, Oil, Sectors, and individual stocks with counter-intuitive methods he has developed over twenty years of investing. David can be reached at dbanister@cox.net. The opinions of the author are his opinions only and not meant to be construed or interpreted as investment advice. Markets are extremely volatile and you should consult an Investment Advisor or Professional whenever possible. 321gold Ltd |
