Since October 2008, gold inclined aggressively towards the recorded high in December 2009. These inclines have been followed by a sharp and fast drop, which forced many traders to forget that despite its fast and steep move, it still can't be compared to the earlier upside movements.
Let's have a look at the discussed bullishness, which is to be considered as an obvious IM –Impulsive Wave-.
On The above chart, we can see the completion of the first 3 waves, while the metal is presently forming the 4th wave within the allover ascending IM wave.
Technical targets for this suggested 4th wave reside around $990.00 per ounce, as an extreme target, but we see that it might be limited between 1085.00 and 1028.00 zones, before staring a new upside wave.
