My last set of charts (see Unloved and Gold) were showing Gold as it was bottoming into support.
The reason I wanted to show it right now is that there is another piece that is pointing to the technical objective of 1550-1600 that I have been showing for the end of this wave, and I wanted to discuss it before Gold officially 'broke out' again. There is the cup and handle that formed in the first half of 2010 which has that as an objective (again, when properly viewed on a log scale chart). And the impulse channel for the final wave also has that as a target.
Another thing to keep in mind is that Gold tends to have very violent and sharp 5th waves. Which is why I never bought the 'triple top' call on Gold as the end of the current Primary degree wave.
Still, this is all just noise in the bigger picture. I think this bull market in Gold is far from done.
