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Gold has probably completed the E wave low of a large triangle as of yesterday. The target for the upmove out of the triangle is 105.5 on the GLD. That is the length of the widest part of the triangle(wave A) added to the wave E low. See chart below for primary and alternate wave count labeling. This expected upmove is most likely impulse wave 1 of a new primary wave. The wave structure of the entire correction from the Q1 2008 high is potentially very bullish. The gold stock ETF GDX would be a more leveraged way to play the current upmove although the wave count is not as clear.
Chart: GLD etf, 6 month chart
