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Gold at Unchanged

Gold at Unchanged

2011-02-09 15:48:00
Jsaettele,
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240 Minute Bars

eliottWaves_gold_2_body_gold.png, Gold at Unchanged

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 has reached the 50% retracement of the impulsive decline, with the 61.8% at 1380.82 serving as additional resistance if needed. Expectations are for the corrective advance to terminate.

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