When gold investors came knocking on the mainstream "fundamental" door on Thursday, September 1, they were turned away by a sign in the window that read: On Holiday. Come Back Tomorrow.
According to the usual experts, the news-movers-and-shakers in gold's backdrop are on hiatus until Friday, September 2 -- when the highly-anticipated US unemployment report is released.
Well, while the mainstream sits on their thumbs to determine the next big move in gold prices, EWI's Metals Specialty Service has exclusive intraday insight into gold right NOW that warrants immediate attention.
First, EWI's Metals Specialty Service intraday update presents a "stand-up-and-listen" chart of gold prices versus the Relative Strength Index since early July, showing you whether the metal's internal momentum corresponds to a rising trend.
Second, our Metals Specialty Service includes a 30-minute chart of the Elliott wave pattern underway in gold from the August 25 bottom. This chart answers the question of whether the weeks-long rally has developed impulsively or correctively (two basic Elliot wave forms), and whether the larger trend is still up.
And third, I spoke directly with EWI's Metals Specialty Service editor Mike Drakulich to get his on-the-record account of where gold prices could be headed in the coming days. In Mike's own words:
"This remains a critical juncture. After what appears a large decline from last week, Gold is now at critical levels where a major move could occur. Key .618 Fibonacci resistance areas are now being challenged. However, in any forecast it's important to know when the odds start suggesting your analysis is wrong. If prices decisively [breach] key areas in a sustained move, then an alternate outcome is possible."