Wednesday, August 10, 2011

Gold - Short and Medium Term Updates

Gold continues to drive higher - but the wave structure says otherwise: Be very cautious.

Gold has broken through some anticipated levels, however, with wave 'iii' complete and wave 'iv' looking almost complete - time is running out. MACD is expected to be at an extreme at the end of wave 3's - which is the case here. Another push higher to around the 1800 levels is needed to complete wave 'v' of '(v)' and will probably break thru the upper channel line in a 'blow off'.

On the Medium term, Gold has overthrown the medium term upper channel line with obvious weakness shown on the MACD price oscillator. A significant reversal is anticipated on the coming days or couple of weeks.

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