Gold is at a crucial pivot level between bear and bull outcomes. Daily RSI is overbought enough to call for a short-term correction here.
Gold Bears want to see Gold fail below the upper trend-line of the year-old bear channel/bull-flag/consolidation, below 1675-80. Bearish counts in Blue and Red target new lows that range anywhere from 1490 down to the 1300s.
Gold Bulls want to see continuation of the persistent impulsive rise with short, shallow pullbacks. A possible bullish wave-count is shown in Black with wave E marking the last leg of an ABCDE wave (4) consolidation from last year's blow-off top (unlikely below 1592.1). An alternate bullish count in Grey requires a retest of the 1525 lows as wave 'c'.
Previous analysis and charts
9 Feb 2012: Gold's downtrend channel asserts itself
9 Jan 2012: Gold sitting below significant resistance
25 Aug 2011: Gold corrects at channel top - wave (IV) underway
9 Aug 2011: Gold at multi-year channel resistance
3 Aug 2011: There's No Fever Like Gold Fever
4 Nov 2009: Gold inflexion point at 1115
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