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Thursday, December 12, 2013

Elliott wave analysis of Gold - Correction towards 1,294, but then what?

Gold:

It's still an open question whether a triangle is developing or we are in the early stages of a series for waves one's and two's. I prefer the triangle option slightly, but will keep an open mind to whatever the price action dictates me.

As a minimum I will be looking for a correction towards resistance in the 1,286 - 1,294 area. A break above 1,294 will indicate a continuation higher towards 1.367 - 1.375 area as wave c of the triangle.
Only time will tell which scenario is right, but for now we should see a move a Little higher towards 1,286 - 1,294.

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