The Gold Price Correction - Time to Focus on the Upside Now

The GOLD PRICE has NOT topped out, so that means what we are currently experiencing is just a correction. Is the gold price correction over? Hard to tell.

I will give you a check list to consider, that I have looked at for evidence of a bottom forming in the gold price. However this isn't that important to me now, as I am more focused on the upside target since this is only a correction. Don't be so concerned about nailing THE BOTTOM. I am more interested in the next Cherub above $1,033, our previous high.

Conclusion. I am ready to focus on the upside now.

Notes on the HUI (a Gold Stock Index)

Gold Stocks can show signs of a bottom before the actual metal so I look at a group of gold stocks like the HUI index for clues of a bottoming process. Looks like an ABC correction here, with a possibility of 360 on the downside. I used a French curve to expire this correction. I was adding to some of my Gold Growth stocks today since my old fashioned target has always been to add on or near the RSI 30 level. I am almost always early, but, I never have a problem sitting on my buys. I DO NOT USE STOPS.
Check list for bottoming process

• Trendline break .. check (good sign)
  
• RSI 30 ...check (great place to add)
  
• ABC formation in progress... Check (final process of a correction)
  
• French curve... in process (exhaustion move)... check