Gold finally show some real strength, closing the week just a bit above the Fibonacci 61.8% level and the exponential 50 daily moving average (50 MAE) on the spot gold chart I posted yesterday. The price action was so strong that even the upper resistance line on the channel chart failed to stop the gold rally.
The Bull market in gold is alive and raging but just like the rodeo it will not be an easy ride.
Next week we might see a pull back to the 76.4% Fibonacci level (~586$), consolidation around the current price or further rally to the 50% Fibonacci level (or higher). This is a wild bull market in gold and If my Elliott Wave analysis is correct this is Wave iii of 3 of III which can be extremely impulsive volatile and extensive.
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Here are spot gold XAUUSD ; XAUEUR one hour bar charts with 100 MA Bollinger Bands (STD=2).