Dear readers,
The gold price climbed above the previous day high & monthly high to reach ~ 681.5$ for gold spot. Silver rallied to 14$. A new two plus years high for the EURUSD might explain that. Obviously that immediately negated yesterday top indication. However, please note that on an intraday and maybe also daily basis gold and silver can correct to the uptrend support for any reason or none at all.
The Intraday wave count and other technical setups are confusing and currently unfavors short term trades on my side. The Larger time frame still point higher.
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3 comments:
I guess Gold is waiting for the market to catch up? There's a down trend line from 10th high to today high... Gold seems having trouble getting through that line, but at the same time market was not advancing either. So let's see if market go up, will gold break up...? PPI tomorrow, I guess is going to be another wild day...
Frank
Gold seems to be waiting for the market. Gold seems to have trouble break through the down trend line started on the 10th (take the high of everyday and there's the down trend line), but then so is QQQQ and the indicies. So let's see if the indicies break up, will gold follow...? (my guess is probably) Your thought?
Frank
Frank
Frank
Yes I see this line. Gold and silver down a bit today but my wave analysis tells me the action is slightly positive. Both gold and Equities tend to be influenced from the same liquidity … will look more into it …
DOW / GOLD ratio:
http://globalgold.blogspot.com/search/label/Dow%20Jones
Thanks
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