Friday, 9 August 2013

Gold's bull market not yet dead and buried, the June low is key

Monthly chart illustrates Gold's bull market from the 1999 low. Unless/until Gold peels away lower from the trend channel, the Bull market is still alive. Perhaps on life support, but not yet dead and buried. The June 2013 low appears key.

Zooming in to the 4 hour chart of market action since the late June low reinforces the importance of that low. We see an impulsive 5 wave rally, which under the Elliott wave model indicates that the larger degree trend has turned up, so long as the June low holds.