Wednesday, June 28, 2006

Spot Gold (XAUUSD) Elliott Wave Analysis – Update

Top international banks employees are being paid 5 figures salaries to predict an average gold price of 550$ by mid March 2009.

I say: those are pure lies with the intention to temporary derail this great global gold bull market and allow their employers to accumulate as much physical gold as possible. Later and at much higher gold price they will market it aggressively.

The amount of misinformation regarding gold is as large as the potential price appreciation and that’s quiet a lot!

Investors need not worry and continue to add gold positions on deeps – each one should do its own risk management and liquidity calculation. Short term traders can try to prudently catch gold market bottoms or wait for more bullish confirmation.

Below is spot gold half hour bar chart annotated with Elliott wave count (enlarge chart for better view)

Spot Gold (XAUUSD) Elliott Wave Analysis

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