Gold Downside Target Nearly Reached

Having broken its long-term bear phase with a bang, gold continues to consolidate as we expected. Our forecast was for a drop from $1300 to sub $1200. We are nearly there…and whilst many were bullish at higher gold prices, our analysis pointed to a different outcome.

Below is our current five day forecast, which shows we are potentially on the cusp of completing the retest we have been waiting for since the gold break out at the start of the year.

We feel that regardless of the long-term direction of gold, there should be support at about $1170. And once that is reached, we would be looking at regaining $1200 before looking at our next target. It may be possible for a bounce upwards prior to reaching our $1170 target. However, we do not believe that $1200 will be support for too long.

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You can follow our intraday gold forecasts on our web site, we post regularly on our twitter account which is on our home page. Our forecasts are fractal patterns that last for months and years, we monitor the development of these probable patterns continually to ensure we are on track. Our methodology is to create a most probable long term fractal pattern and then continually test it and model it over multiple time frames to ensure the pattern remains a probable event.

Come and see how we monitor our most probable gold forecast on an intraday basis http://www.kenticehurst.com