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Gold

In my September Commentaries I explained my expectation for no final low in gold prior 10/28/13. Based on "intervals of equidistance" (similar to cycles) I was confident that late October would see a turning point in gold and simply extrapolated the fact that because previous convergences of the two intervals (40 and 60-day) had always pointed to lows, 10/28/13 would see a low as well. It didn't... but it did mark a turning point in gold.

The decision of whether to expect a high or a low could have been made using the work of George Lindsay. A descending Middle Section is found in February/March of this year. Point E can be identified on 2/26/13 and counts 122 calendar days to the low on 6/28/13. Using a low (6/28/13) as the turning point always points to a high. The intra-day high on 10/29/13 was 123 days beyond the turning point.

Next week, I'll make a forecast for the low of the post 10/29/13 decline. See if you can identify a Middle Section forecast in the meantime. Hint: to forecast a low, the turning point must be a high.

Gold Chart
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