Gold’s Bottom Likely Near $1,100 – Elliot wave trader

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Gary Wagner is travelling this Friday, so Kitco News decided to bring in another Elliot wave trader to find out how he sees gold and silver set up for the coming week. Avi Gilburt joins Daniela Cambone to discuss the market trends he is seeing on the charts. “For now, in my ideal scenario, I would like to see a rally taking off into next week in gold, silver and also in the miners to shake out all the new short traders,” he says. This will lead to the ‘final capitulation decline’ for the metals markets, he adds. “There’s potential that the bottom I’m seeing in December may only be the second-to-last bottom, and not the final bottom in this 3 ½ year bear move.” Kitco News, November 14, 2014.

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