Gold charts

I hope these charts convey in pictures some of the reasons why I'm still looking for new highs in gold. One long-term Fibonacci analysis has me thinking of 1192 for the next objective. I think this meshes with other ideas about interest rates reversing, and a movement from the deflationary pressures to another round of inflation.

I also recognize there are ideas that after new highs, that could be only a "B" wave high with a "C" wave down retesting the recent lows (and maybe moving lower), before a much later rise yet higher. Personally, I don't know that we can rule out a different structure such as a diagonal up, or even a standard impulse up, if we might have completed a fourth wave correction. That wouldn't matter for now - let's just see if the indicators on the daily bars chart correctly show that it's got the strength to move past trendline and Fib. resistance, and turn the indicators more positive on the weekly/monthly charts, in pushing to new highs from here: