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Why Gold is About To Power Higher to Complete a Big Rally

Commodities / Gold and Silver 2010 Dec 20, 2010 - 10:44 AM GMT

By: David_Banister

Commodities Best Financial Markets Analysis ArticleThe gold bull has been moving in very reliable Elliott Wave and Fibonacci patterns for many years now, but once in awhile  the waters get a little murky for sure.  Recently we have seen a fair amount of volatility near year end as position squaring and year end machinations take hold.  With that said, it does appear that Gold should be poised to power higher near term, and I’m looking for a completion to a 5 wave rally that began from about $1,040 per ounce in February of this year.


Over the past several weeks, I see a clear Fibonacci trading day relationship on Gold’s swings from pivot highs to pivot lows. 8 days of correction, 13 days of rally, 8 days of correction is the recent pattern over the past 5 weeks or so. Below is a chart outlining these crowd behavioral based patterns that I rely on for both my trading service and market forecasting services.  You can see the clear relationships, confirmed by the stochastics indicators at the tops and bottoms as well:

Based on the recent patterns, I believe we completed a minor wave 3 from the February bottom at $1424 a little over 5 weeks ago, and had a shallow period of 8 days to complete a wave 4 to $1,330.  Now, we are in the final 5th wave up pattern to complete an entire 5 wave move from February of 2010.  In the near term then, I’m expecting a pretty strong rally from this recent $1365 area to at least $1,480 per ounce, and eventually a good shot at completing the structure at $1525 ranges.  Short term, we should begin a wave 3 up here, followed by a 4th wave correction, and then a final and terminal 5th wave.  Below is a multi- month weekly chart view of where I see us heading and where we’ve been.

Recently, I completed a brief E-book on Behavioral Based investing and trading, and it is free for new subscribers to TMTF or ATP services. If you’d like to stay updated on a more frequent basis, you can subscriber or otherwise sign up for weekly reports at www.MarketTrendForecast.com

Dave Banister

CIO-Founder
Active Trading Partners, LLC
www.ActiveTradingPartners.com
TheMarketTrendForecast.com

Dave Banister is the Chief Investment Strategist and commentator for ActiveTradingPartners.com.  David has written numerous market forecast articles on various sites (MarketOracle.co.uk, 321Gold.com, Gold-Eagle.com, TheStreet.Com etc. ) that have proven to be extremely accurate at major junctures.

© 2010 Copyright Dave Banister- All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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