Long

GLD to Move Above 230

While my Elliott wave skills are basic at best, I predict that we are about to enter a Wave 3 move. The formation appears to be a reverse head and shoulders. A measured move above the neckline takes it to 236. Coincidentally, a 1.618 fib. One can expect that degree of a move for a wave 3. Could go higher but seems that mainstream analysts are calling for $2,300 gold this year. Just playing the fibs at best.

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