We have been bullish of gold for a while now and how this paid off! We called the price target perfectly yesterday at the Fibonacci extension level at 1865. Honestly, we expected a nice dip to enter a position, but we didn't have a single pullback. Gold is in completely new territory, and it appears to have just completed the impulse wave of the next Elliott Wave. Watch for a pullback as the corrective phase of the 5-3 Elliott Wave forms. The momentum is very strong at this point, as verified by the Kovach Momentum indicators. The Kovach Chande has pulled back, indicating a lull. The pullback to 1850 may be all that we have at this point, but we could see 1837. We are in completely new price territory so the next price targets are in the 1900's.
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