Saturday, March 25, 2006

Gold spot powerful action (possibly [c of C] bottom reaction)

Gold emerged from what I assume to be [c of C] simultaneous bottom for Gold / USD, Gold / Euro & Gold / Yen Exchange rates(see the post from two days ago). A pure and powerful technical move which propelled gold higher, closing at a two weeks high just 15$ (less then 3%) lower then the multi years high.

Click on the chart below to enlarge gold spot eight hours intraday chart annotated with the two most relevant sets of Fibonacci lines:

Gold spot candles chart

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