It turned out to be a triangle we where looking at and gold made a new high at 1,813.79, just above my target area between 1,810-1,812. The following decline does have an impulsive structure, but we still need to clear support at 1,720 to be more confident in my call for a top being in place. If however we clear support at 1,720 we should see a continuation down to 1,640, where we find the next important support.
Please see my prior post regarding USD/CHF:
http://theelliottwavesufer.blogspot.com/2011/08/usdchf-testing-long-term-support.html
The long term support line was overthrown, which very well could be a signal of capitulation and that we have a long term bottom in place. It is much to early to judge how the bottom will form, but I will try to fine tune as it progresses
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