FOMC triggers spurt in Gold price

Yesterday I had posted a short term chart in Forbes suggesting a possible correction to 1625 area. However, from just below 1650 we saw a massive rally spurred by the FOMC statement. Of course, any shorts should have been stopped out at 1665 or close to that as recommended. WHere do we go now? Take a look at the following two charts.



10 Comments

  • Ashwin

    Hi Ramki,

    Thanks for the post. Given the move is it a precursor to global riskoff? SPX and DAX too have made the move that you had noted in your earlier posts on same. Since i am based in india, what would that implication be for Nifty.

    Appreciate your view,

    Thanks,

    Ashwin.

  • Nifty Fifty

    Hi Ramki, and now your forecast 1480-target and gold collapse don’t exist more or is delayed? Beautiful website, thanks

  • Anonymous

    Could you update forecast chart. My view: now 17/12/2012 – 1729, short squezze to 1640 and long decline to 2200, 4000, 7000. How do you think?

  • guan

    Ramki, This is my first post after purchasing 5 wave to finacial freedom..ebook, your wave counts always great! I think as all reading post here, we would like to know the latest wave counts for gold.. Is there any possibility that gold still on its “wave” toward 1805 or start going down below 1500? Thank you

  • vaibhav

    Hi Ramki,

    Has gold now formed an intermediate top arnd 1790,
    and is it now moving down to target that mentioned price of $1400 now?

    Please update your outlook on gold…

    Thanks
    Vaibhav

    • Hi Vaibhav, We have just completed a 3rd wave at 1581, and so wait for a correction first. There is no change to my bearish view in the bigger picture

  • vaibhav

    Dear Ramki,
    Hw u doing?

    Long time that an update on gold pending….:)
    It does seem that the price action knocking support levels for 3rd time now,
    could eventually break down anyday now.

    What do u say?

    Thanks
    Vaibhav

  • Mark

    Hi Ramki,

    It has been too long since you posted any fresh views on Gold . Request you to cast your view on recent change in Gold Prices.

    Thanks in advance.
    Mark

Leave a Reply

Demos

Layout

Wide
Boxed