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  • Writer's picturePeet Serfontein

Analyst thoughts: Gold $

VIEW RETAINED: BULL TREND OUT OF ABC

  • The general outlook of an ABC correction, followed by impulsive gains to R2 and R3, seems to be materialising.

  • The final downward C leg reversed somewhat short of the S1 target range, indicating an underlying bullish impetus.

  • Interim further gains to R1, could be followed by a R1/S0 consolidation phase.

  • The break out of the X/Z correction ending formation has potentially activated the impulsive gains to R2 and R3. This will be part of the primary long-term bull trend.

  • S0* is pivotal for the immediate bull trend.


Target and re-assessment levels

Pivotal levels: R0* and S2*

Primary trend: Gains off S1 to R3.

Prevailing trend: Overlapping XZ downside to S1

Technical rating: Medium to high









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