Sunday 15 December 2013

GOLD, almost there

Hi Traders,

GOLD should perfom a short rally to 1238-1244 to  complete wave 4 (1-hour chart) and then resume its way down to reach the last low of the year around the area 1212-1179 (1-hour chart).

If it doesn't breakout the support at 1179 a new uptrend should start to 1400 as a minimum.

TARGETS:

first: a short rally to 1238-1244
then: a new low around the area 1212-1179

after that, new uptrend to:

likely: 1400
possibly: 1475
maybe: area 1522-1530

ELLIOTT WAVES:

The daily chart shows that the small wave 5 (bottom right in green) is not complete. Once it's completed the new up trend should start.

NOTE:

If the small wave 5 moves well below the support at 1179 (1-hour chart) the new uptrend should not take place. Instead, the downtrend might continue to 1012 and lower. 
  





weekly chart - click to enlarge







daily chart - click to enlarge







wave oscillator over the daily chart - click to enlarge






4-hour chart - click to enlarge







wave oscillator over the 4-hour chart - click to enlarge








1-hour chart - click to enlarge 






wave oscillator over the 1-hour chart - click to enlarge