Nov 11 - GOLD - Heading Lower to $970-$1,000 Region in 4-6monthsGold (Weekly) @11 Nov 2015
On the mid-term outlook, Gold is at the final phase of its major downturn from all time high of 1,900 (year2011).
Price is forming an Ending Diagonal - typical wave5 pattern following significant downmove or extended wave3.
A closer examine of the ending diagonal structure shows that a potential Final Down-Leg (lower degree wave_v) is under progress.
Projecting ahead with similar down-angle within the diagonal, expect the final wave to bring price towards the psychological $1,000 mark, or the subsequent 2.618 fibo expansion level of +/- $970.
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GOLD (Short-Term Outlook)
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- expect immediate direction = UP in Rebound
- recent $100 fall from latest pivot high of 1,190-1,080 warrants an near-term rebound
- rebound target, taking the immediate resistance band overhead around 1,130-1,150 zone.
- expect price will move in similar angle from previous bounces within the diagonal
- shall the bounce materialised, expect the next move to be Down towards the mid-term targets.
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GOLD (Mid-Term Summary)
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Price Target: 1,000, then 970 region.
Time Target: (4-6months from Oct'15) = Feb-Apr 2016
