Alf Field: Once \$1,800 Is Taken Out Gold Will See a Vigorous Climb to \$4,500 Area (2K Views) - munKNEE.com
Thursday , 21 January 2021

# Alf Field: Once \$1,800 Is Taken Out Gold Will See a Vigorous Climb to \$4,500 Area (2K Views)

Follow the munKNEE.com“– Register to receive all future posts hereurce: GoldSeekThere is a high probability that the correction in the gold price that started in early October at \$1797 has been completed. Once \$1800 is taken out on the upside the gold chart will look tremendous. A beautiful “cup and handle” base would then provide strong support for a vigorous upward climb in the precious metal. At this stage there is no reason to abandon the rough target of \$4500 for this coming upward wave. [Below is my analysis and some charts on the situation.]Words: 434; Charts: 2

So writes Alf Field in edited excerpts from his original article* entitled Gold Analysis 2013.

###### This article is presented compliments of www.munKNEE.com and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement.

Field goes on to say, in part:

All the minor waves are in place and the A and C wave portions are approximately equal at -\$120 each. The chart below depicts the action on Comex via the 2 month forward chart:

The analysis of wave C is as follows:

1. 1758 to 1687       -71
2. 1687 to 1727       +40
3. 1727 to 1636       -91

C. 1758 to 1636        -122

Wave a. at -\$71 is 78% of wave c. at \$91, an Elliott relationship.

Even the smaller c wave portion of wave C has 5 small waves which have a neat Elliott configuration, as follows:

Analysis of wave c of C:

1. 1727 to 1681       -46
2. 1681 to 1706       +25
3. 1706 to 1664       -42
4. 1664 to 1680       +26
5. 1680 to 1636       -44

Wave c.     1727 to 1636     -91

Note that the corrective waves ii and iv are +25 and +26, confirming that they are part of the same wave. The downward waves are within \$2 of -\$44 each. All pretty neat.

The following chart of the PM gold fixings was prepared a couple of weeks ago to indicate the possible target low of \$1642 for the end of the correction:

Note that \$1642 was also the 61.8% retracement level as well as the point where waves A and C would have been equal. That target of \$1642 was not achieved, the lowest PM fix being \$1650 on Dec 20, 2012. There was a slightly lower morning fix the next day, but there is enough evidence when combined with the Comex gold chart to conclude that the correction from \$1797 has been completed.

Obviously a decline to below \$1636 would render this analysis valueless and we would have to reconsider the situation. The PM fix on Jan 2, 2013 was \$1693, so there is already some upward movement on the scale that one should now expect.

Once \$1800 is taken out on the upside, the gold chart will look tremendous. A beautiful “cup and handle” base would then provide strong support for a vigorous upward climb in the precious metal. At this stage there is no reason to abandon the rough target of \$4500 for this coming upward wave. Once we have the next upleg above \$1800 in place, it will be possible to start refining this target.

Conclusion

It seems that gold is well set up for a spectacular year in 2013.

*http://news.goldseek.com/AlfField/1357226100.php

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