Gold Forecast – Gold Nearing Final Peak of Triangle PatternThe triangle pattern is nearly complete, and we expect the current rally to end by Tuesday or Wednesday.
Gold has been consolidating for over a month. The triangle pattern is nearly complete, and we expect the current rally to end by Tuesday or Wednesday. Our work supports a sharp decline in gold below $1900 later this month.
The pattern in gold is about 80% complete. Prices could rally a little higher and tag the area labeled “e” (around $1980), but that is not a requirement. Once “e” is complete, gold should turn lower and break sharply below $1900, triggering the final C-wave decline into the next 6-month low.
Note- The bulls have defended the $1910 – $1920 aggressively. Once that level fails (next 2 to 3-weeks), I think we can expect a sharp ($75.00 – $100) one-day decline.
AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For more information visit here.
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