Gold (USD2,036.15/oz)

Since my last posting on gold one month ago on July 9, when gold price was at USD1,806/oz, gold price has gained another 15% to an intra-day new record high of USD2,078/oz on last Friday before closing at USD2,036/oz.

At this moment gold is about to complete its wave (iii). If the next pullback is around 10% for its wave (iv) formation, gold will continue to move higher to form the wave (v) of its major wave 3.

But if the coming correction is more 10%, I wouldn't be surprised that gold is heading for an 'expanding triangle A-B-C' formation for its mega wave (4) as shown below. For this scenario, gold price can go to as low as USD1,000/oz before going up again for its mega wave (5). Wave C of (4) may take about 5 years to complete.