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  • Writer's picturePeet Serfontein

Analyst Thoughts - Gold Medium-Term

MAINTAINING A BULLISH OUTLOOK, CHARACTERISED BY A CLASSIC ELLIOTT WAVE PATTERN INDICATIVE OF UPWARD PRICE MOVEMENT.

  • The general bullish outlook of PQ downside, followed by a bull trend off S*/Q to TA1, is materialising.

  • The break of P/S0* has further validated the 1, 2, 3, 4, 5 bull trend to TA1.

  • The recent downside to S0* was potentially phase 2 with renewed upside to R2 being phase 3.

  • A break below S0* will neutralise the illustrated view and return the market to further base building and correcting price action.

  • It is unlikely that the market will extend beyond TA1.

TARGET AND RE-ASSESSMENT LEVELS:

Pivotal levels: S0*

Primary trend: Gains to TA1

Prevailing trend: Gains to R1

Technical rating: Medium



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