Wednesday, December 26, 2012

12/26: Gold update

GOLD update:

My Elliottwave count indicates that Gold is still consolidating in Wave 4 combination and should be complete once the final diagonal ends near the projected Wave (e)/ Wave Y/ Wave IV level, possibly in Jan/Feb of 2013. This pre-supposes an initial rally to set Wave (d), of course, in the next few weeks.

Bullish short-term indicators:

1) gold is holding at the lower bollinger band,
2) 200 day MA may soon be recaptured at $1,662, and
3) RSI and MACD are oversold

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