Thursday, May 10, 2007

Drop & drop and drop...

Short term intraday turn up in the momentum indicators failed to materialize into rising gold prices. Gold then dropped like a rock below this month low.

A lower low after a lower high is technically bearish. Spot Gold is currently trading around the dreaded 666$ level.

The uptrend on the daily chart is still intact but might not hold.

Elliott wave cyclical point of view: I think we just witnessed a truncated v wave.

I'm not ready to get long term bearish here but more downside is certainly possible.

Spot Gold daily chart

spot gold chart

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