Sunday, March 19, 2006

Gold spot (xAU) Elliot wave count

Is the gold correction over?

Here is my latest Elliot wave count for gold spot, the count cover the second major wave up (Elliot wave III) from its beginning to date, the count implies that gold is currently having some kind of a minor correction which could well be over. The third wave has a long way to go and gold is headed much higher. Short term gold traders should concentrate on the latest high, low and Fibonacci levels shown on the second chart. As the wave progress I will update this count occasionally.

Click on the charts below to enlarge:

gold chart

gold spot

Belarussian National Bank to increase gold reserves to 32 tonnes
MINSK. March 15 (Interfax) - The National Bank of Belarus plans to set up a gold reserve of at least 32 tonnes of gold equivalent by 2011, a source in the main precious metals and stones department at the National Bank of Belarus told Interfax.

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