GOLD – How Low? $1,181 or $1,165, Maybe?

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Gold managed to hold this week with a low higher than last week’s low.  However, GLD did not.  Sooooo…. with that bit of ambiguity, I’ve got to think we likely have not seen the bottom in gold as of today.
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A couple of possibilities for the bottom.  First, let’s look at them with trend lines,  then Fibonacci, and finally the midpoint consolidation pattern.
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This chart attempts to demonstrate that there is a trend line in the current C wave that takes its beginning in February and projects to around $1,165 (aqua).  The other trend line is of the entire C wave that began a year ago in July 2009 (purple).  That projects to around $1,165.
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Click on the chart to ENLARGE

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Here is a look at the Fibonacci dissection of the current C wave to date.  The 23.6% retracement level comes it at right around $1,181 – nearly exactly where the aqua trend projects.  If this price level prevails next week, and it is certainly possible, we could now be only $10-15 above the final low.
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Click on the chart to ENLARGE
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We have looked at this pattern more than once already, but it also projects price to around the $1,164 area as does the purple C wave trend line above.
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Click on the chart to ENLARGE

Source: http://thetsitrader.blogspot.com/2010/07/gold-how-low-1181-or-1165-maybe.html