We continue to rally in wave .v.. ...If that is the case then we are now starting to rally in wave ^iii^, which has a new updated projected endpoint of: ^iii^ = 4.236^i^ = 2724.40!
The current pattern is lower highs and lower lows. The trend is down. It's about flat, and up slightly 0.14%. When you go to the daily chart, you see how it's pulled back.
Intraday volatility and short-term volatility will be high. Short-term investors in precious metals and base metals will get a bumpy road if they have not used trailing stop losses.
As gold hit $2420, it faced a little setback. With moving averages, I expected it to return to the 18-day average, hold ground, and then resume its upward movement.
I'll be very cautious with precious and base metals for the next two weeks. I believe any investment attracting herd buying or price volatility is likely to see a short-term bust soon.
Citigroup Global Research Global Head Max Layton says gold is on track to reach $3,000 in the coming 12 months. He also comments on what he calls “off the charts” demand for gold coming from China.
