Monday, August 15, 2011

Gold - Short Term update

Some interesting action on Gold over the last few days. The 1800 levels have been hit, and as discussed in the previous post -  it was likely to quickly reverse....

"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'."......"A significant reversal is anticipated on the coming days or couple of weeks."

Now the question is: has the medium thrust higher completed? We will likely know very soon and don't be surprised if there are aggressive actions to the down side. $1725 has already been hit, almost a $100 sell off in the last several days, a correction upwards now appears underway.

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