AssetDesign

Expect gold to snap back to 3431 and likely much higher in the next day or two. Any recent gold downdraft was quick, prices shooting back up to the highs. Long term trends are too powerful. While Gold could drop down to the 3100 range completing an A-B-C for Wave 4, I think we are already in wave 5. A quick move to 4,000 would stun many but for those who see much much higher prices, 4,000 just might be a level to start getting people's attention.

A three day test of the high is as obscure as it can get, especially when I hear on tv that there is near certainty that every dip is a buying opportunity. We have enough for the move to count as a wave 5. The next move down should be a doozy. I'd be happy with a few down days with the intense resiliancy of stocks. Too much money in the system. Can prices go to infinity?

The end of the month has typically been a rough time for gold as options expirations and deliveries affect price. But after the end of the month selling completed with a climax, gold has kept rising and I expect it to continue on to recent highs and on through to new highs.There has been a lot of talk on YouTube about $4,000 gold. The dollar continues to get destroyed. My thought is $5,000 but even at that point, I wouldn't sell any physical gold.

Unlimited money sloshing around means no end to upside in the markets. When the Fed finally lowers interest rates, all markets will go crazy. Calling for 7,500. Go big!!

wave structure preparing me to expect more corrective action. Adding to shorts on any rally

May showed price heading back up to the high. This is four months now from the previous top. Generally for a major top to exhibit itself, it might take only three months to test. Four months is also not uncommon so it is possible that today's close will be last positive monthly close in a while. I expect that the price will continue to rise, probably above the 6010 level of the last monthly closing high. If price surpasses the previous monthly close high, I will be watching for a turnaround, with prices eventually closing out June to the downside. To me, based on the 40-month moving average. I have noticed that usually waves 2 and 4 have strong support at the 40 month moving average, where more major corrections will see price go below it. As price just came down to that level and didn't break it, we are in or have finished a wave 4. I'm still looking for lower prices assuming that this wave 4 to be a Flat with more sideways action ahead. Currently short SP

Gold has had a tremendous run over the past two years and as it burst to 3,400 before backing off, I'm feeling that the consensus for a sure trip to 5,000 is beginning to get too prevalent.Can't lose sight of the fact that we have completed a five wave impulse and needed to correct. The only question is have we already corrected and now are on the path to higher highs? Or are we completing a B wave and are setting up for a trip down to complete the C wave.I like the latter option for the moment, so much so that I took profits on many of my gold miner stocks in anticipation of perhaps an opportunity to pick them back up at much lower prices. Still maintaining physicals and will add should prices retrace sufficiently.

The Head and Shoulders top appears pretty obvious here. But I have been fooled in the past by so obvious "tops" only to see my short positions get destroyed. That being said, with such generous profits still in hand, I'm taking some off the table in anticipation of a very possible pull back. This has been typical "end of month" futures-related price action yet one can't ignore the fact that the top might be in, at least for an intermediate term.

Gold is clearly in an impulse wave that I feel is the wave five of a larger third wave. Generally, a fifth wave in commodities is often the biggest. While in normal trading vehicle, the third wave is the largest. So either way, momentum remains strong.GDX however is not as strong but my expectations are for this to change. Recent miner financials have showed that high gold prices along with lower energy costs result in strong positive cash flow. There are too many bargains in the miners sector and as cash levels increase, look for M&A opportunities.