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Wednesday, January 5, 2011

Gold and Silver - Topping?

Trying to call a top in in these two shining metals, has come with embarrassment, but just looking at the weekly gold-chart, clearly displays that a five wave rally from 680 is in place. At the same time a possible triple top could be in making, but before the "neckline" at 1,360 breaks. I'll just call for the possibility.

The chart below is the 4-hourly chart showing the triple top close-up.

I have no Elliott wave counts on the silver charts.

The two charts below is the weekly silver chart (the upper chart) and the daily silver chart below.
It's possible that a important top is in place. The channel resistance-line was slightly broken followed by a break below the minor rising support-line since 18.32 in late May (the lower chart is the collapsing trend in close-up).






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