Monday, May 22, 2006

XAU , Spot Gold Charts Update

BlueFlix (follows Elliott wave) said: "Gold fundamentals are there and getting stronger. But, in the intermediate term, gold may be correcting to its 200DMA..."

Well I agree about the fundamentals part, as for the 200DMA (about 530$) I think It is very pessimistic view and gold will have to retrace the whole impulsive extensive wave since March low(~535$). off course [e] low (lower then [c]) might be coming but the price of gold didn't even touched it's 50DMA (~620$) yet so it very early to call for the 200DMA. In my opinion the Fibonacci retracement levels are the thing to watch along the 630$ – 640$ horizontal support level. For Elliott wave tutorial see EWI.

See: AMEX Launches New Gold Miners ETF GDX - by Van Eck Global

Click on the charts below to enlarge:

XAU , Spot gold intraday chart

XAU ,Gold Spot intraday chart

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