Elliott Wave Gold
Gold 1 Hour Chart
Monday, 23 January 2012 at 7:05:00PM AEST
Gold was unable to break through the 1642 support on Friday. In fact, prices bounced sharply from that region, which means that pull-back from the top was actually just another 3-wave pattern, likely a wave 4 as shown on the updated count. As such, our count remains basically the same,; price are now in final stages of a wave 5, which also must show us a three wave structure. We think that prices will test 1675-80 area before trend turns lower.
Gold 4 Hour Chart
Tuesday, 24 January 2012 at 6:05:00PM AEST
-Recovery appears impulsive, but topping!
Gold is back at the highs, as prices reversed from just above 1642 important level on Friday that we highlighted in the past updates. A current bullish move however, doesn't change our views! We still see a shape of an ending diagonal with wave 5 in process, which already reached a key resistance area, where top could be seen. Notice that prices travelled into the red resistance line, and also towards the trend-line connected from 2011 highs. We however still need a confirming price action, which will lock top in. And that’s only an impulsive fall, through red support line of the pattern.
GOLD Daily Chart
22 January 2012
-wave IV done!?
Gold made a sharp and even impulsive rally from its recent lows towards the falling trend from1920. This type of a price action and the wave structure is showing early but very important signs of a completed corrective pull-back in wave IV. So the next key level for a bullish advance will be a decisive break of that trend line and also then of 1800 wave (B) resistance.
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