Jul 16, 2015

USD\GOLD intermediate term

UPDATE: alternate USD it is not a zigzag instead a triangle is running. The difference is the bottom is not 1-2 weeks away but rather a few days.
Silver looks more and more like impulse higher and correction lower on the hourly chart, gold in EUR looks like a bottom is in too.

I have been asked if gold have already bottomed... I think we are very close. I was looking for a clues from the USD charts.

EW - USD short term is not so clear, but the forecast from the post "Long term update" seems to play out so far. If this is the case we should see DXY move to around 98,50 and gold a little bit lower both finishing the smaller zig-zags. Than move lower for DXY should begun and summer rally for gold both finishing the bigger zig-zags.
Cycles - DXY week 9 of the 20 week cycle another week or two to top and start moving lower with expected bottom second half of September. Gold week 18 of the 20 week cycle close to a bottom... 8-10 weeks higher from the next 20 week cycle points to a top second half of September.

Now waiting patiently to see a sign for a reversal. Most gold bulls/bears already freaking out... we are at support it will be broken plunge lower.... great this is exactly what you want to see.
Visual below....

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