Gold:- Bull or Bear

Gold Daily Chart

Gold made a high of 13397 and broken off the channel it was moving since last December. My second target on Gold had been nearly achieved and the short term correction had started. According to my counts this is the fourth corrective wave of a larger degree fifth wave. Therefore the last leg of the bull run on gold will start which will take this metal to new highs.

Gold Weekly Chart

From the weekly chart we can observe that Support exists around 12000, 11350 and 10850 leve. The support at 11350 will be crucial as it coincides with the support of trend line. I don't expect gold to go beyond 10800 levels in near term. Therefore Long term Investors can go long on Gold at around 11350 with a stop loss of 10450 and target around 13500 and 15000.