Seems to me like intraday wave 4 is over and wave number 5 is underway which should exceed 698$ for the Comex June contract (GCM7). For the relevant Elliott wave count refer to this post.
A break above the short term downtrend line will give confirmation.
GCM7 Gold June Comex Intraday (120 min) chart
4 comments:
Today's action in Gold is just weak. I do hope the correction is over and $667 IS the end of correction. But the volume today is just not there and like GLD, evertime it hit 66.7, it gets smack right down... Really not much conviction. Let's see how it goes tonite with HK and London... Hope it get a better bounce or I think $665-$667 is not going to hold well... your thoughts?
Frank
Hi Frank, I'm not underestimating the GLD or other ETF's but the volume on the spot and futures markets greatly exceed the gold ETF. Having said that, let's see what tomorrow brings.
Good luck and thank you.
Again, you and Tony proven to be right! :)
Look like a quick tag to $700? Probably won't let people get in easy...
Frank
Thanks Frank,
Finally some gold strength along a rising USD . One step at a time …
It's been a nice and busy day for me and I will take a deeper look at the various gold charts later ( after I finish my beer and wake up from the nap…) If anyone have something to add – please do ! , for personal issues email me at : realggp--@--hotmail.com
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