Waves.gold – back to 1000
After falling 12% from the 1,226 high, gold prices have bounced back. We believe this is a counter trend move up which should continue to resolve lower back to 1,000. Why? First, the KR (Key Reversal) case made last time stands valid. Second, 1,000 is not just a psychological level but also the previous multi year resistance that should find support. Third, the ongoing move up should push through some key minor resistances like 0.382 FIB and previous minor resistances at 1,140 for us to take the current bounce seriously. Gold India also looks into a corrective formation. Silver also has a key previous 4 wave support at 16, suggesting the fall in silver is not yet over. We have carried the anticipated and happened case on SILVER and PCU (Southern Copper). The surprise of the week was ALCOA, which continued to push higher against our anticipated turn level at 13. Nippon Iron and Steel has still some upside left, as it gets ready to break out of the ongoing sideways action. This is in sync with the numeric ranking on 11 Nov ALPHA.METALS which suggested steel outperformance against Gold and rest of the metals complex.
Regional stocks like TISCO and HINDALCO continue to head into intermediate and possibly primary tops.
Enjoy the latest WAVES.GOLD
ORPHEUS RESEARCH AT REUTERS – USA
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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