Thursday, July 20, 2006

Gold Chart Analysis - short term Update

To put it simply: Short term gold is probably going a little bit lower.

Metals prices declined today (7/20), particularly base metals.

Intraday Elliott wave count analysis implies that gold is about to complete its first serious correction since the June bottom. Upon the completion of this minor correction, the upward movement should resume. Hence the emphasis is Buy, Add & Hold.

Suggested short term price targets for spot gold (based on Fibonacci retracement levels) 613$, 608$ and 593$.

Below are daily and intraday spot gold charts , you can click on the intraday chart to enlarge.

spot gold chart

spot gold intraday chart

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