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Gold Reverses Ahead of Measured Level

Gold Reverses Ahead of Measured Level

2011-02-07 15:45:00
Jsaettele,
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240 Minute Bars

eliottWaves_gold_2_body_gold.png, Gold Reverses Ahead of Measured Level

Prepared by Jamie Saettele

Gold has held a multiyear support line. However, the decline from 1425.40 is in 5 waves, indicating that the larger trend is most likely down. Price reversed just ahead of the 100% extension of the initial rally off of 1308.70. Equality among waves a and c in corrections are common. Expectations are for a resumption of weakness (silver has also nearly reached its 61.8% retracement).

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