Gold Bounce Confirms Bull Market Intact on Its Way to $3,000 – $10,000 (+2K Views)

Lorimer Wilson December 27, 2011 Comments Off on Gold Bounce Confirms Bull Market Intact on Its Way to $3,000 – $10,000 (+2K Views) 3,259 Views

With what is happening in the price of gold these past few weeks/months it is imperative to take a look at the big picture and in doing so it shows that we are still very much in a long-term bull market. Let’s take a look at some charts that clearly outline where we are currently and where we could well be going. Words: 925

So says Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!). Please note that this paragraph must be included in any article reposting with a link* to the article source to avoid copyright infringement.

As the graph below shows, the 70s experienced 2 major bull markets and an 18 month bear market in between while continuing to trend upwards.

Right now, we are at a period not unlike late 1976 when gold had bottomed just before taking off in a parabolic move. Gold dropped to $1,549 on December 29th slightly above its 65 week moving average as seen in the chart below and has since bounced upwards as suggested would happen by analysts such as Goldrunner who, deploying fractal analysis, wrote in his recent article Goldrunner: Gold On the Cusp of $3,000+.

Alf Field gave a speech recently at the Sydney Gold Symposium in which he confirmed his projection, using Elliott Wave Theory, that gold will reach a parabolic peak of $4,500 (no specific time frame given) with two 13% corrections along the way. I took excerpts from his speech and put it into an article entitled Alf Field: Gold Going to $4,500/ozt. in Next Wave Towards Parabolic Peak.

Arnold Bock has consistently maintained for the past year and a half that gold would go parabolic sometime in 2012 and certainly no later than 2013 as can be read in his updated article $10,000 Gold is Coming in 2012/13! Here’s Why.

Conclusion

It is obvious from the charts above that gold has undergone a deeply discounted year-end sale and, as such, provides an ideal opportunity to get in before it renews its trend upwards with a vengence. As to specifically when you should pull the trigger please refer to my article Momentum Trading Generated a 40% Return for Gold in 2011! Here’s How on the application of momentum indicators for insights on how to assess the ups and downs of the markets in general and gold in particular.

*https://www.munknee.com/2011/12/gold-bounce-confirms-bull-market-intact-on-its-way-to-3000-10000/

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