Gold 1 Hour Chart
Tuesday, 13 December 2011 at 6:40:00PM AEST
Elliott Wave, Gold was sharply lower yesterday, with a very strong momentum, so we suspect that a recent fall was a third wave price action. So if that’s the case, then we know that further weakness should be seen, as current recovery is just a wave iv pull-back, which will ideally find a top around 1670 area. From there intra-day traders will look for a fall on the short side again, while market trades below 1703. CHART GOLD A December 2011 - downtrend acceleration
A strong Elliott Wave acceleration has occurred yesterday after the support line of a corrective channel from September lows was broken. we can see A very sharp move here, which has a personality of a third wave. As such, it seems that we are in wave (C) leg headed now towards 1530. Short-term critical region is at 1724! CHART GOLD B GOLD Daily Chart
11 December 2011 Gold - looking for a fall into 1530 area
We believe that Elliott Wave top is in place on gold, after an impulsive fall from 1920 followed by a corrective rally from 1530, which already shows first signs of completion around 1800 zone, labelled as wave (B) on the chart! Notice that prices found the resistance in the past few weeks at 61.8-78.6% retracement area, which is also a very typical Fibonacci reversal zone. A break of 1662 will be trigger for wave (C) weakness into 1530 zone! CHART GOLD C
Free Stuff on Technical Analysis is available on TradingLounge.com.au site!
Tuesday, 13 December 2011 at 6:40:00PM AEST
Elliott Wave, Gold was sharply lower yesterday, with a very strong momentum, so we suspect that a recent fall was a third wave price action. So if that’s the case, then we know that further weakness should be seen, as current recovery is just a wave iv pull-back, which will ideally find a top around 1670 area. From there intra-day traders will look for a fall on the short side again, while market trades below 1703. CHART GOLD A December 2011 - downtrend acceleration
A strong Elliott Wave acceleration has occurred yesterday after the support line of a corrective channel from September lows was broken. we can see A very sharp move here, which has a personality of a third wave. As such, it seems that we are in wave (C) leg headed now towards 1530. Short-term critical region is at 1724! CHART GOLD B GOLD Daily Chart
11 December 2011 Gold - looking for a fall into 1530 area
We believe that Elliott Wave top is in place on gold, after an impulsive fall from 1920 followed by a corrective rally from 1530, which already shows first signs of completion around 1800 zone, labelled as wave (B) on the chart! Notice that prices found the resistance in the past few weeks at 61.8-78.6% retracement area, which is also a very typical Fibonacci reversal zone. A break of 1662 will be trigger for wave (C) weakness into 1530 zone! CHART GOLD C
Free Stuff on Technical Analysis is available on TradingLounge.com.au site!
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