Tuesday, November 11, 2014

Gold towards 1000$: A Final bottom?

Gold is currently heading towards 1080-1100$ where it will probably bounce towards 1140$ and then resume its downtrend with a final leg towards 1000$.There is a significant support zone at around 950-1000$(green zone)

Bollinger Band width and Mass index indicator have already started to move upwards and with a fast move of gold price towards 1000$ these indicators can easily move above 20 and 26 respectively.In that case they will trigger a second buy signal according to our previous study (Gold mass-ive trend change).

 We believe that 950$-1000$ will be the final bottom for this gold bear market that started in 2012.