November 14 :
Gold:
Long Term Update:
Gold was sharply higher this past week reaching a high of 1871.40, closing at 1868.50!
All of wave -iii- ended at the 2089.20 high and our current preferred count is still suggesting that our lengthy wave -iv- bullish triangle is still underway.
Within that triangle we completed wave .c. at 1675.90 low and we are now rallying in wave .d..
Wave .d., looks to be turning into a 3 wave pattern as shown on our Daily Gold Chart, with all wave ^b^ ending at the 1721.10 low.
We are rallying in wave ^c^ of *d*. Wave *d* cannot trade above the wave *b* high of 1919.20, otherwise we will adopt one of our alternate counts.
Our retracement levels for all of wave -iv- are:
23.6% = 1871.60;
38.2% = 1737.00.
This week we continued to march higher as broke after significant resistance at the 1835/1840 level and also breaking and closing above the major down trendline connecting 2089.40 and 1919.20.
We broke above our head and shoulder bottoming formation neckline.
It was a quite a bullish week for gold!!
Our current wave ^c^ of .d. rally has become an impulsive sequence with all of wave $i$ ending at the 1815.50 high and all of wave $ii$ at the 1758.50 low.
We are now rallying in wave $iii$ of ^c^, which has an initial projected endpoint of :
$iii$ = 1.618$i$ = 1911.20.
We still expect higher prices next week within wave $iii$.
Alternate Count 1, in red on our Weekly Gold Chart, is that all of wave -iv- ended at the 1675.90 low, and in this case we are now rallying in wave *i* of -v-.
Alternate Count 2, in purple on our Weekly Gold Chart, would be that all of our wave -iv- bullish triangle has ended at the 1721.10 low.
Active Positions: Long with puts as stops!
Grüße