Gold is now at a key juncture and it should reveal its price action structure in the coming weeks. The first chart is my main Elliott Wave count and shows a Double Three Corrective Pattern (W)-(X)-(Y) in process from the top in 2011. You can see that Gold is currently in a corrective channel and should end soon a Wave (ii) which is also composed of a Double Three Corrective Pattern. If that scenario plays out Gold should enter a Wave (iii) that should send it to around $1550 which would be the minimum target.
This post was published at Gold-Eagle on September 16, 2014.
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