Friday 12Sept2014 - Gold Price Update!

It has not been a good past weeks and months for Gold Bugs.

It appears that Gold has broken down below technical support levels and is headed lower to much lower target points.

The following from EWI Financial Short Term Update.

[Gold]'s break of $1240.62 indicates that Intermediate wave (5) is underway. The initial target range is:

 

$1086.60-$1104.70, where wave (5) would be 61.8% of wave (1) and the 50% retracement of the 1999-2011 rally. The next target area is $889.50-$956.00, where wave (5) and (1) would be equal and
the 61.8% retracement of the 1999-2011 advance. It won't be a straight drop to these areas though.