For Gold, we now only use horizontal lines of supports and resistances as basis of analysis.
Gold has broken up the $1170 level, the resistance-turned-support now.
Should the ORANGE LINE SUPPORT of $1170 hold, Gold's immediate target is $1200.
2. Should immediate target BLACK LINE of $1200 be captured and made the new immediate term support, the short term target will be the GREEN LINE of $1240-$1250 level.
2. If GREEN LINE of $1240-$1250 is captured and made the new short term support, the short-mid term LIGHT BLUE RESISTANCE of $1310 will break up without doubt and go for an accelerated rally to $1550-$1600.
LIGHT BLUE RESISTANCE of $1310 made the LIGHT BLUE SUPPORT of $1310 will mean an accelerated rally to $1550-$1600final resistance to take all profits off the table.
Phase 4 is dependent on Phase 3, which is dependent on Phase 2, which is dependent of Phase 1.
All 4 phases are expected to be a success and catch majority of the markets by surprise.
When markets hit phase-4 target, the entire world will be able to see an uptrend very clearly, and that is the point to take all profits off the table on clear trends; major trend will reverse on clear trend.
Gold ETF GLD: 21 March 2015, Saturday, 9.25pm Singapore Time Chart courtesy of StockCharts.com