
I watched the gold market last market till about 1.00am but that was it, the week caught up with me so I missed the time gold went through US$1000 again.
I expect a good day on Monday with gold shares the gains given up on Friday should be recovered.
How high gold goes in US$ in this leg is concerning, I have posted my wave count so I am preparing for some tighter stops next week, there is the possibility that gold hits resistance at the previous high and this in fact then completes the current fifth wave. There is strong possibility that this current wave five completes Wave 1 of 5 waves that take us past US$1500. If that is the case we should expect some pullback hence my tightening of stops. There is also a chance that the current wave 5 extends through the previous highs, I would think we would see some profit taking there though. Much depends next week on market deliberation with regard to the possible failure of even more American banks, its not all over with the Bank of America and Citigroup needing another injection of aid.
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