…Gold is about to undergo a profit-taking event…as a result of the USD beginning a rally, probably beginning today. I’m looking for the dollar index to test the downward sloping 200 day moving average [see chart below] before rolling over and continuing the secular trend. This should drive gold down into a final intermediate degree bottom around $1694 or so before testing the all-time highs at or slightly above $1900 sometime before the end of the year. [Let me explain why that is most likely going to happen.] Words: 401
So says Toby Connor (www.goldscents.blogspot.ca) in edited excerpts from his original article entiled Gold’s Final Leg Down In Progress.
Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com (A site for sore eyes and inquisitive minds) and www.munKNEE.com (Your Key to Making Money!), has edited the article below for length and clarity – see Editor’s Note at the bottom of the page. This paragraph must be included in any article re-posting to avoid copyright infringement.
If one were trying to time the exact bottom you could either buy when gold tags $1694 (the 38% Fibonacci retracement level), or when the dollar index tags the 200 day moving average. Either one of those events should be close enough to the bottom where any further drawdown isn’t going to be very significant or last more than two or three days. [Also read Update: Gold & Silver to Drop to $1,675 & $30.50 by End of 2012 Before Going to $3,950 & $117 by End of 2013!]
Gold should make its first test of the all-time highs at or slightly above $1900 sometime before the end of the year.
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Mining Stocks: 300% to 500% gain Expected Within 2.5 Years!
Because of the extreme undervaluation levels that were reached as the CRB put in its three year cycle low, mining stocks should be the big winners again during this next intermediate cycle….I think we will see…miners test the all-time highs before the end of the year.
The last C-wave that ran from the spring of 2009 till it topped in September 2011 was the C-wave of silver. Silver vastly outperformed all other areas in the precious metals group. This C-wave is going to be the C-wave of the miners. It’s already started with an initial 38% rally, and I expect by the time this C-wave tops in mid to late 2014 we will have witnessed a 300% to 500% gain in the mining indexes.
Sometime next week traders will get their opportunity to jump on board what will almost certainly be an amazing ride over the next year and a half to two years.
*Source of original article: http://www.goldscents.blogspot.ca/2012/10/golds-final-leg-down-in-progress.html
Editor’s Note: The above post may have been edited ([ ]), abridged (…), and reformatted (including the title, some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The article’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.
My previous article on gold & silver went viral with almost 30,000 reads on munKNEE.com alone and continues to be read by hundreds of goldbugs daily. Below is an updated chart and analysis suggesting that gold & silver have further to drop before they go parabolic. Take a look and share it with friends.