>> Gold Update
A friend had asked for an update on gold (http://aprioritrader.blogspot.com/2009/01/gold-makes-move-short-term-trade.html#7475612474474657231) , so here it comes :) -
(I) $GOLD Elliot Wave Preview (Daily Chart)
Above is the slightly long-term chart of the gold continuous contract (courtesy stockcharts.com), and it seems that are in the middle of the 3rd wave of the 5th. Gold has had a nice long period of consolidation before that, and looks to be gearing to run up. $1000 will be a strong resistance, expect a correction back to $920 levels.
(II) Updated on 06/07 - Inverse H&S On Weekly Chart
Enjoy :-)
Labels: Banking Collapse, Credit Crunch, Gold, Historical Posts, Liquidity Flow
posted by KaranZ at 6:58 PM
2 Comments:
i feel, we may not see a very upward trend of gold this season.. market is very tight, liquidity is almost non-existant, and no one is trusting..Petroleum prices are rising on speculation as there is no serious increase in demand for energy... Wells are full, but no money to buy.. so start speculating.. Gold may also see the same future in short term.. for Long term things are looking better than normal, as the indicators didn't dip to a level as expected..
I hope i am wrong :)
Cheers,
Saket !
>> Saket said...
>> liquidity is almost non-existant, and no one is trusting..
- Flight to safety could be the precious metal, and could be even treasuries
>> Petroleum prices are rising on speculation as there is no serious increase in demand for energy...
- Oil has started its next leg downwards
>> Gold may also see the same future in short term..
- Agreed. I think gold is headed downwards towards $860 levels, after which I am guessing the next big move upwards should come. This time it will breach $1000 eventually and head to $1200-1500 before taking a breather.
I have stuck my neck out in making this prediction, will review this comment after a few weeks :-)
Cheers,
KaranZ
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