Friday, October 08, 2010

The GOLDen Route Update

Gold followed its bullish route I mentioned one year ago on 17th of October 2009 in a post entitled "GOLDen Fibonacci Uptrend". The post included the chart above with the following price and time targets: "1250 (161.8% Fibonacci projection) then around 1400 (the 200% projection) and 1600 (261.8% Fibonacci projection). We also have the 34-week cycles in April 2010 and November - December 2010 when we may record new highs around the levels above or just inflection areas."

Below we have the updated chart where we notice that the first target (1250) was reached in May 2010 a month later than its cycle time while the second target (1400) is supposed to be reached in November - December 2010 but it's close already today on 8th of October (when registered a high just shy of 1365). In a later post I will discuss more on the potential price and time targets of Gold.

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