Gold is shining this morning and once again keeping the bullish count in play. For KI$$ purposes, if not already taking the short position from 1000, or playing the waves on a shorter-term basis as I know many do, here are the levels to watch. Its price this morning is about $953, which is only several dollars away from the .618 retrace to its June highs (i.e., approximately $958). A higher, .786 retrace would be at about $972. These levels if seen very soon would also bring gold very close to another kiss-back of the broken trendlines marked on my daily chart (closeup of this, at right). The indicators are in positive territory. So once again, gold is looking positive, although we cannot say it's "decided" for the bullish Elliott Wave count versus the bearish one. If you're not inclined to "vote" for one of these at this time (I'm not inclined to vote for one yet), then a valid approach if nimble is to trade it within the range marked on this chart; or, stand aside but then trade it outside of this range - buying if it breaks above, or selling if it turns down again and then breaks below. Breaking above this range, and specifically above 990, brings into view the bullish targets that include 1192.(Conversely, if the effort fails and triggers underneath the range, the bearish targets include 865, 842, and perhaps significantly lower.)
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