
hubertmoolman.wordpress.com Gold Price Forecast Gold Update Here are a few patterns that might explain the current fall in the gold price, as well as, provide the possible way forward. Below is a graphic (all charts are from fxstreet.com) which compares the current pattern on gold (about July 2011 to current) to a 2007 pattern: On both charts, I have suggested how the patterns might be similar, by marking similar points, from 1 to 6. Based on this comparison, it appears that the gold price is searching for that point 6. The bullish expectation is still very much justified. We would need a turnaround very soon though, to continue the mega bullish expectation. If we do not get the turnaround very soon, then price could go even lower than $1500. The following graphic suggests that we could see a turnaround very soon. Below is the last part of the patterns presented in the above graphic (note that the current chart is weekly chart, while the 2007 is daily): gold forecast 2012 On both charts, I have suggested how the patterns might be similar, by marking similar point, from 1 to 3. Based on this comparison, it appears that the gold price is searching for that point 3. The market, however, appears to have played a trick, which provides the possibility of an alternative comparison. The alternative comparison is indicated by point A to G on both charts. Notice that from point C to G, the chart appears to be rising on the 2007 chart, while falling on the current chart. This <b>...</b>
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gold updat 14 May 2012
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