Gold wave cycle (I) last correction stage

12 May 2015

The long consolidation of gold prices could characterize a wave 2 or be part of a very elaborate (C) wave of the type a-b-c-d-e (extended). If wave 2 has been completed, then wave 3 has to overcome a very strong resistance provided by the Ichimoku cloud in order to reach the resistance line at 1270 (approximately). The terminal (C) wave that follows both scenarios leads gold prices towards the highly probable support range of 900-1000, with 950 being more likely.