Monday 12 August 2013

Gold, temp rebound?

Hi Traders,

Gold (now at 1329) reacted to the news of new stimulus measures from China and seems to be heading to the area 1366-1383.

TARGETS

likely: area 1366-1383 then the downtrend should resume.

ELLIOTT WAVES

If this analysis is correct, this should be a temporary uptrend as it represents the "retracement wave 4" on our weekly and daily charts. "Retracement wave 4" will be followed by the very last downtrend (wave 5) with a minimum target of 1176.



weekly chart - click to enlarge







daily chart - click to enlarge







wave oscillator over daily chart - click to enlarge







4-hour chart - click to enlarge







wave oscillator over 4-hour chart - click to enlarge