GOLD PRO Weekly July 28-01 August, 2014

[minimax]

Gold Daily insight

Here is a picture which might make more sense in overall insight..

we have 2,5 days to move before FOMC so ED wave c as cZZ=bFlat has enough time to unfold..FOMC could bring impulsive move above 1345 as cFlat = BFlat on weekly...then both, euro and gold will go to bottom low for longer time......
I would expect that whole correction up from 1240 would unfold as seen 3 waves seen on weekly but sometimes correction is single move as now first up to 1345..that is why I can not claim we will go above 1345 for sure...bottom at 1275 could be 1ED and move at FOMC stops below 1345 as 2ED..we will see...sell above 1345 will be interesting for my opinion..

 

[Sive Morten]

Here is my big picture..

Hm, very close to my thoughts either, at least blue line from 1180. That's what we're expected for 2 years already - reaction on volatility breakout...
Concerning move to 750$... Can't say nothing definite yet. Only know that 1000-1100$ is breakeven cost of mining. Gold will not be able to hold below 1000$ for long time.

 

[minimax]

I expect impulsive c of daily ZZ with Flat corrective b...might be topped or not this b...

So, euro and gold would be in low start positions, hehe, like in athletics...

 

[minimax]

Hm, very close to my thoughts either, at least blue line from 1180. That's what we're expected for 2 years already - reaction on volatility breakout...
Concerning move to 750$... Can't say nothing definite yet. Only know that 1000-1100$ is breakeven cost of mining. Gold will not be able to hold below 1000$ for long time.

I understand and I am aware that 62 expansion is 1st target at 1112 but maybe you will like 800 better after this picture....

View attachment 16128

ps, regret but first there was no picture after there are two...

 

[minimax]

I know I drew new low but I am aware that if price could not come below 1287.51 low at least, there is real possibility that low is c=B on higher degree although that leg down to 1287,5 is strange to be ED...I expect new low, not neccessary to 100%, maybe just for a tick, maybe to 62 projection....as it looks we could be still in correction of 4th but i think that we are already in 5th more probable..if we go and touch 1305,06 I would start to consider 1296 low as wave 2 low...

 

[minimax]

Todays low tome means we very probably started 2nd ZZ in 3ED...so, I expect pullback toward 1303 and drop in c of 2nd ZZ with target 127 extension at 1280..there 3ED should take place, ZZ into 4 ED and last ZZ for 5ED with target 1272/70 where red c=a and 162 extension...above 1303 I am looking it long...
ps: red x should stay above candle with 1303 high..

 

[minimax]

Tricky moments all over the board and and in gold too!!

I have read whole move down as ZZ with ED in wave c BUT gold became tricky!!! Could be also T3 structure, either tripple ZZ or ZZ + two Flats... I am looking carefully if this leg will develop as nice impulse and buy at low...I hope will go all the way to 1270...if comes back to 1291 will look for ED, above 1297 itis long very probable, above 1303 for sure...