GOLD to resume major downtrend

Hi Traders,

Gold (now at 1269.00) should top around $1,306 and maybe the area $1,3019-1,324. Then, it should  resume the major downtrend to the final target just below $900. If this occurs, it's going to be a $400 dollar juicy trade.

TARGETS

First up to the area $1306-24.
Then down to $1184.
Final Long Term Target: area $882-861

ELLIOTT WAVES

The 1-hour chart below shows that we just need a small wave up to conclude the present rally which started on 03/12/2015. It might take 2-3 weeks. The theoretical top is $1306.87 but it might travel up to the area $1319-1324.

The really interesting thing in the weekly chart below is that there is a huge a-b-c retracement in the making, where Wave C (not labelled yet) is still unfolding with 5 waves (magenta) down. Of these 5 waves, we are going to see the completion of Wave 4 right now. Then Wave 5 should take Gold down to the area $882-861.

The monthly chart below shows the targets (blue lines)




Montly chart. Click to enlarge

Weekly chart. Click to enlarge

Daily chart. Click to enlarge

4-hour chart. Click to enlarge

1-hour chart. Click to enlarge