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Gold Rally Unfolding in Impulsive Manner

Gold Rally Unfolding in Impulsive Manner

2011-03-22 14:41:00
Jsaettele,
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60 Minute Bars

eliottWaves_gold_2_body_gold.png, Gold Rally Unfolding in Impulsive Manner

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. Near term, a new high would make 5 waves and give way to a small corrective decline back towards 1420.

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