Here is an update to the chart in the quoted post.
So, I missed the turning point. Everything is moving a lot slower than what I thought would happen.
Here is my update now on what lies ahead in the coming weeks in the Gold price. Note the following chart is the 6 hourly Gold price.
Take away points.
1) Gold will not reach $US1,300 in this push up, meaning from the Dec 17 low. Confidence 95%. As stated on the chart I'm not overly confident it will reach that mark. Already it looks like a narrowing wedge shape which makes me think we could be seeing the top now.
2) Gold will retrace to between $US1,257 and $US1,274 in Jan (assuming Gold reaches 1297) Confidence 95%. If gold does not reach 1297, then the retracement level will be lower.
3) After the correction it will push through the $US1,300 mark. Confidence 95% (if we reach 1297 in the coming weeks.)
Regarding technical analysis on the TRY SP; I was able to predict a little what was going on, but now with the SPP debacle hanging over the market it has corrupted the analysis. For the record, I did not vote for the Capital raising in the last AGM.
So the good news is that Gold will continue to rise for several months, with minor corrections along the way.
Oh, and for the record, I made some statement a couple of weeks ago regarding how TRY could reach 18 cents within a month. Well thanks to the SPP cloud, I now retract that statement.
All the best holders.
