Gold - Long Term View
Since the November 2011 high at 1,921 gold has decline in five waves to 1,046 in November 2015. A five wave decline indicates that a large zig-zag (5-3-5) correction is unfolding.
We have seen wave [A] from 1,921 to 1,406 and is currently in the middle of wave [B] which is expected to move higher towards the 1,457 - 1,521 area before terminating and turning lower in wave [C].
If wave [C] becomes equal to wave [A] in length, then wave [C] should decline to 611.
That said, strong support is seen both near 850 and below near 693 which both could provide support strong enough to terminate the long term correction from 1,921 and turn prices higher again.
I prepared a special report to my subscribers on June 8. If you want a copy of this special report for free, then please send a e-mail to: email@example.com saying "YES" and it will be e-mailed to you asap. It is very educational too.
If you like the above post and want more like it, then you should consider joining my service elliottwavesurfer.com. Click at the link and see, what I have to offer.