GOLD AT $1000

This is what we said on 13 Jul
Gold prices have pushed into key 900 zones for Gold. Now that intermediate cycles (SLIDE 5) have turned up, Gold should be nearing a minor bottom soon. Sub 900, prices can push lower till 870-850 completing a flat formation. The recommendation remains down but bottoming.
This is what we said on 8 Jul
Our preferred view on GOLD is up with prices still holding 920-925 levels.
This is what we said on 1 Jul
In conclusion the metals confusion, minor multi week up followed by a primary multi month leg down is what we are betting on.
Where are we now? Prices made a low at 908 on 12 Jul and are back at 954. We inverted GOLD (SLIDE 1) prices to have a better look of where GOLD was headed. Conventionally Gold is making a head and shoulder pattern, a continuation variety. From an Elliott perspective the intermediate impulse still points to 970 and 1000 levels. This time a retest at 970 should see a break and take Gold up to 1,000. One may ask what’s 1,000 anyway? Well if 1,000 was not that important a psychological level prices would not have pushed to 970 three times after touching 1000 on 17 Mar 2008.
This was the intermediate multi week aspect. The primary aspect (SLIDE1) still suggests that Gold has reached a five year outperformance against DOW and it’s too soon to start visualizing GOLD at $ 3000. A move up to 970 or 1000 seems like a BULL TRAP at this stage.
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ORPHEUS RESEARCH AT REUTERS – UNITED KINGDOM
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WAVES.GOLD is a perspective product published on Tuesday and Thursday. The report highlights GOLD and other precious and base metals. The product highlights Primary (Multi Month) and Intermediate (Multi Week) price trends. The report illustrates key price levels, price targets, price projections and time turn windows. The product uses Elliott waves, traditional technical analysis tools, sentiment indicators and other alternative research tools like INTERMARKET to spot outperformers.
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