Weekly gold target reached – Next monthly targets are 1071 and 1103, and 1320 until spring

After the impressive rally last week gold has reached its main target in the weekly time frame.

The fact that the targets in the weekly time frame were reached that fast makes clear: The administration and the FED are working consciously towards the sale of the US$ in order to reduce the debt.

In the daily 5 Candle GUNNER24 Up, with the Thursday high we have reached the 5th double arc and we are preparing for a 2-3 Candle Daily GUNNER24 Down which we are not going to join trading but to use the targets which are emerging because of that to get into the market cheaper again.

In the monthly chart, next target now is the first red double arc (1100 -1110). If the storm goes on that way, that is to say if gold keeps rising along the actual Gann Angle until spring 2010 the 2nd double arc (1320) will be reached.

Monthly target for October is still 1071 and till November 1103 where a short little consolidation at the first red double arc will happen.

In the ES # weekly, for the last ride we let us stop in at 1089 on weekly basis if the horizontal square line is broken on the final price basis. ES # for the second time rebounded at the decisive Gann Angle with the price performance of last week. Within the 2nd double arc it is consolidating.

As a result, the price should go on orienting itself by the main target until reaching it. Backed by the bullish pennant the upwards trend should soon be resumed. Now, the upwards trend is entering soon into its final stage which in this third step is proceeding vertically.