{"id":560,"date":"2011-02-02T16:12:34","date_gmt":"2011-02-02T20:12:34","guid":{"rendered":"http:\/\/www.silver-investor.com\/blog\/?p=560"},"modified":"2018-06-10T10:58:18","modified_gmt":"2018-06-10T10:58:18","slug":"gold-is-bottoming-and-longs-soon-to-be-rewarded","status":"publish","type":"post","link":"https:\/\/www.themorganreport.com\/blog\/gold-is-bottoming-and-longs-soon-to-be-rewarded\/","title":{"rendered":"Gold is bottoming and longs soon to be rewarded"},"content":{"rendered":"

Gold is bottoming and longs soon to be rewarded
\n<\/strong>Dave Banister- Feb 1st<\/sup>– www.marketrendforecast.com<\/a>
\nMy more recent forecasts for Gold were intermediately bearish from the $1390\u2019s area as we saw a clear triple top breakdown from the 1425-1430 ranges about 8 weeks ago.\u00a0 However, the drop to $1310 fulfills a potential Fibonacci pivot low according to my Elliott Wave views on Gold, and investors can begin building long positions with the following views in mind if I\u2019m right.
\nThe rally up from the February 2010 $1,044 lows has been a large \u201cWave 3\u201d structure which is not yet complete.\u00a0 We have completed 3 of the required 5 waves for this structure, and the current correction is a 4th<\/sup> wave.\u00a0 This pattern looks like what I call or Elliott termed a \u201c3-3-5\u201d pattern.\u00a0 This means you see 3 waves down, 3 waves up, and then 5 waves down to complete the correction.\u00a0 Note below the chart I sent my subscribers several days ago forecasting a possible pivot at $1310:
\n\"\"<\/a>\u00a0
\nNow, as you can see above we did end up dropping back down from $1,345 an ounce to $1,310 last week and pivoted higher. This confirms a possible 4th<\/sup> wave bottom after a 7-8 week correction period. This type of movement works off the overbought sentiment levels of traders.\u00a0 In addition, we had the exchanges increasing position limits in the New Year and caused some additional liquidation selling.
\nThe long term views now are for $1287 to hold as a worst case bottom in this 4th<\/sup> wave, and the 5th<\/sup> wave to begin if it has not already to over $1,500 per ounce at the next interim highs.\u00a0 I expect this could take quite a few months before we can even consider attacking the $1430 areas, but in time we should climb back above that wall.\u00a0 See my updated long term Elliott Wave based chart below.\u00a0 The general advise for traders is to take a long position with a stop at $1285, but add to your position on any tests of $1310 and down to $1287.
\nGold is in a 13 Fibonacci year bull market.\u00a0 This is much like the Tech Stock bull from 1986-1999 in fact, and this would be similar to 1997 in the Tech Bull, still a lot of room on the upside to come for both Gold and Gold Stocks yet.\u00a0 The Fibonacci 8 year period ended around $905 last August, which is when I forecasted a huge 5 year bull run in gold and gold stocks to commence.\u00a0 Don\u2019t fall off the wagon on the shakeouts.
\n\"\"<\/a>\u00a0
\nIf you would like to stay ahead of the crowds and the curves on the SP 500 and Gold, join my free list and\/or subscribe today at www.markettrendforecast.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold is bottoming and longs soon to be rewarded Dave Banister- Feb 1st– www.marketrendforecast.com My more recent forecasts for Gold were intermediately bearish from the $1390\u2019s area as we saw a clear triple top breakdown from the 1425-1430 ranges about 8 weeks ago.\u00a0 However, the drop to $1310 fulfills a potential Fibonacci pivot low accordingMore<\/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":"\nGold is bottoming and longs soon to be rewarded<\/title>\n<meta name=\"description\" content=\"Gold is bottoming and longs soon to be rewarded\" \/>\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-is-bottoming-and-longs-soon-to-be-rewarded\/\" \/>\n<meta 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