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Hello everyone.
I hope you all had a fine and dandy weekend!
Here's a little insight into the latest action in the precious metals markets.
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GOLD
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The lower trend channel line is coming into focus now.
The price would hit that level at about 1170 if it makes it to the trend channel line.
But I'm not sure there is much more will to sell left in the market.
The triangle wave 'iv' is a real indication of a market out of steam,
as triangles happen as a penultimate move.
The market should push back up above that level again soon.
GOLD continues to trace out a clear five wave pattern in wave 'v' brown.
Todays sideways action is a labeled wave '4' of 'v'.
With wave '5' of 'v' now underway off todays high at 1198.69.
The small trend channel gives us a higher target for wave 'v' to complete,
that level lies at 1178.
Tomorrow;
Watch for one more drop in wave '5' of 'v' to complete at 1178.
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SILVER
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Silver is also pushing lower today towards the short term target at 14.65.
The triangle wave 'iv' has worked out well,
and that wave form is now confirmed with a break out of the contracting range to the downside.
The triangle is also a heavy indication that this move lower is in fact the final decline to complete the larger pattern.
Silver has flat lined today also.
This stall in the decline is viewed as a minor wave '4' of 'v'.
Wave '5' of 'v' should begin tomorrow.
We should expect a drop into the 14.50 area to complete wave 'v'.
At that point I will begin to look for signs of a significant low in wave '2' red as shown on the 4hr chart.
Tomorrow;
Watch for a final decline in wave 'v' to target 14.50.
The triangle wave 'iv' completed at 15.51.
A break above that level again will signal that the final low is in.
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