Monday 16 September 2013

Gold good entry

Hi Traders,

Gold (now at 1327.70) has completed an a-b-c-d-e on the weekly chart and another a-b-c-d-e on the 4-hour chart.  The commodity is heading towards  the area 1488 and 1560.

TARGETS

likely: area 1370-1374.
possibly: 1414
maybe: 1488 and 1560


NOTE:

If Gold reverses around the resistance at 1488, the whole configuration of Elliott Waves might need to be re-assessed.


ELLIOTT WAVES

If this analysis is correct we just witnessed the end of the retracement wave 2 (in the daily chart) which stopped right on the 50% of wave 1.

The subsequent "wave 3" should attain 1488-1560



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





1-hour chart - click to enlarge





wave oscillator over 1-hour chart - click to enlarge