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Gold Still Bullish

Gold Still Bullish

2011-03-21 14:39:00
Jsaettele,
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60 Minute Bars

eliottWaves_gold_2_body_gold.png, Gold Still Bullish

Prepared by Jamie Saettele

Despite the warning signs that gold is vulnerable (divergence with momentum on monthly, weekly, and daily time frames) gold has failed to trace out a bearish short term pattern (the decline from the top is in just 3 waves). As such, additional strength remains favored. A break of long term trendline support is needed in order to suggest that an important top has formed. The trendline is at 1357 this week.

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