Alf Field, the man who Jim Sinclair has labeled the best gold chartist alive, has released his latest gold analysis for 2013.
Field states that there is a high probability that the 3 month correction in gold that began at $1797 is now completed, and that gold is perfectly set up from a technical perspective for a quick move to $4,500 in the next up-leg once $1800 is taken out to the upside.
Field concludes his analysis by stating that gold is well set up for a spectacular move in 2013.
Field states the bottom is in for gold:
There is a high probability that the correction in the gold price that started in early October at $1797 has been completed.
Things are looking up for gold in 2013, as once $1800 is taken out to the upside, Field believes we will see an explosive move in gold:
Once $1800 is taken out on the upside, the gold chart will look tremendous. A beautiful “cup and handle” base would then provide strong support for a vigorous upward climb in the precious metal. At this stage there is no reason to abandon the rough target of $4500 for this coming upward wave. Once we have the next upleg above $1800 in place, it will be possible to start refining this target.
It seems that gold is well set up for a spectacular year in 2013.