Monday, February 13, 2006

Gold Intraday chart

Gold and silver headed lower today below last week lows, gold is already about 35$ below it recent top currently trading around the 2005 high level. This pullback might have another leg down but I wouldn’t bet on it. I continue to see excellent risk reward opportunity in buying gold and silver , the higher risk is on the short side of this market and the appreciation potential is much higher then the total price of gold or silver. Physical buyers, long term buyers and those holding short positions should take advantage of the market weakness and accumulate; short term traders could probably wait a bit longer for a bottom confirmation. I have annotated a four hour gold spot chart with Fibonacci levels and Elliot wave count.


Click on the chart below to enlarge


Gold Intraday chart

2 comments:

trader said...

Enjoyed reading your blog.

Regards,

Active Daytrader
trader
http://www.daytradingcourse.com

day trading course said...

Enjoyed reading your blog.

Regards,

Active Daytrader
day trading course
http://www.daytradingcourse.com

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