Considering our inflationary peak expectations in 2019 (Benner High), we think that Gold moving sub 1000 is an opportunity to accumulate. Now the question is more about whether it will happen and whether the reversal is already in?

Gold has already tested the 10 year log channel and seems ready for some intermediate correction. One easy way to see if sub 1000 Gold is likely is to follow the previous IV wave support rule. If prices break 1308 previous minor support that 1043 has a high chance to happen.

Even Silver has made a large potentially quarterly Key Reversal and should move below 30 for Gold sub 1000 levels. One may ask what if Gold and Silver are on the edge of a large bear market trend. Price confirmations are important. Expecting a bear market in Gold before sub 1000 gold is presumptuous. Above that the CRB commodity index and Brent still look in clear 3 primary wave structures, which should at best get sideways before moving to new historical highs. The larger commodity trend remains in a secular uptrend. Gold sub 1000 remains an accumulate opportunity for this decade.

Mukul Pal, CMT, Orpheus Capitals, Global Alternative Research