{"id":1135,"date":"2011-11-02T15:44:32","date_gmt":"2011-11-02T19:44:32","guid":{"rendered":"http:\/\/www.silver-investor.com\/blog\/?p=1135"},"modified":"2018-06-10T10:57:39","modified_gmt":"2018-06-10T10:57:39","slug":"gold-ready-to-attack-prior-highs-in-the-1900s","status":"publish","type":"post","link":"https:\/\/www.themorganreport.com\/blog\/gold-ready-to-attack-prior-highs-in-the-1900s\/","title":{"rendered":"Gold ready to attack prior highs in the 1900\u2019s"},"content":{"rendered":"<p>David Banister- <a href=\"http:\/\/www.markettrendforecast.com\/\">www.MarketTrendForecast.com<\/a><br \/>\nIt\u2019s been several weeks since I\u2019ve written about Gold and we have had a wild ride since the 1910-1920 highs in August.\u00a0 When gold was trading at that lofty price I forecasted a major correction was nearing. We were shorting gold from $1862- $910 prior to the huge $208 drop that took place over just a a few days.\u00a0 We covered our short at $1725 and then Gold rallied back to a double top at $1920 and then fell back to $1531.<br \/>\nThat pullback to $1531 qualifies as a Fibonacci retracement of the 34 month rally from $681 to $1920, and would also qualify for a price low for a 4th major wave correction that I discussed in prior forecasts.\u00a0 My initial targets for the Gold pullback were $1480-$1520 if the $1650 area was violated.\u00a0 Most recently we have seen Gold run up to 1681 which is another Fibonacci resistance zone a few times and then back off to the low $1600\u2019s.<br \/>\nWith the recent push over $1681, we can now confirm the 4th wave is over at $1531 lows and that the 5th wave is likely in the very early stages, but beginning to build steam. I will say that we want to make sure the 1650-1680\u2019s areas are defended by Gold on any pullbacks in order for this forecast to remain valid.\u00a0 During this 5th wave up, eventually we should see the $2380 ranges in Gold, but it will not take place overnight.\u00a0 In the next few months I am looking for Gold to attack the $1900 range, possibly even by year end, and then in 2012 attacking the $2000 plus ranges.<br \/>\nWith all of the Macro events in Europe changing on an almost daily basis, the whipsaws in both the precious metals and equities markets are difficult to forecast and trade for most investors. However, Gold has been moving in defined Fibonacci and wave patterns for ten years now, and has about three years left in a 13 year bull cycle if I\u2019m right.<br \/>\nBelow is the updated weekly chart of Gold.\u00a0 You can see prior low\u2019s as they related to oversold indicators, and where we just came off the 1531 lows and its Fibonacci pivot along with the oversold indicators below.<br \/>\nLook for Gold to attack 1775 first, then 1800, 1840, then 1900 in the coming 6-10 weeks or so.<br \/>\n\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"http:\/\/www.themarkettrendforecast.com\/forecasts\/wp-content\/uploads\/2011\/11\/GoldForecast.jpg\" alt=\"\" width=\"599\" height=\"539\" \/><br \/>\n<strong>You can get 3-5 updates a week on Gold, SP500, and Silver by visiting<\/strong> <a title=\"Gold Forecast\" href=\"http:\/\/www.MarketTrendForecast.com\" target=\"_blank\">www.MarketTrendForecast.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>David Banister- www.MarketTrendForecast.com It\u2019s been several weeks since I\u2019ve written about Gold and we have had a wild ride since the 1910-1920 highs in August.\u00a0 When gold was trading at that lofty price I forecasted a major correction was nearing. We were shorting gold from $1862- $910 prior to the huge $208 drop that took<span class=\"read-more\"><a href=\"https:\/\/www.themorganreport.com\/blog\/gold-ready-to-attack-prior-highs-in-the-1900s\/\" title=\"Read More\">More<\/a><\/span><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[121,89],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold ready to attack prior highs in the 1900\u2019s<\/title>\n<meta name=\"description\" content=\"Gold ready to attack prior highs in the 1900\u2019s\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.themorganreport.com\/blog\/gold-ready-to-attack-prior-highs-in-the-1900s\/\" \/>\n<meta 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