I don't use Elliot but looking at Gold Daily I can see we broke
today 1201.50 from 31 May which was in my opinion possible bearish
reversal. From the Weekly time frame I would say next level of
support would be around 1179 - very close indeed. From Weekly and
Monthly charts I would say we are looking at 1060 - 1025 support
which would be low for 2015. With interest rates and US $ rising
this is very possible scenario. Gold should go lower as long as
French election (April I believe) - which should and could create
havoc on the markets and push gold up.
Posted by steve101 on 25th of Nov 2016 at 08:35 am
In the overnight futures, around 9PM we got down to 1170.3. That
is slightly below the area for a .618 retracement of the whole move
up. In Elliot Wave wave 2's typically correct 61.8% in new uptrends
coming off of major lows. So, it caught my attention.
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I don't use Elliot but
Posted by mulisko on 23rd of Nov 2016 at 06:36 pm
I don't use Elliot but looking at Gold Daily I can see we broke today 1201.50 from 31 May which was in my opinion possible bearish reversal. From the Weekly time frame I would say next level of support would be around 1179 - very close indeed. From Weekly and Monthly charts I would say we are looking at 1060 - 1025 support which would be low for 2015. With interest rates and US $ rising this is very possible scenario. Gold should go lower as long as French election (April I believe) - which should and could create havoc on the markets and push gold up.
see also Tom McClellan on Gold's cycles
Posted by steve101 on 25th of Nov 2016 at 08:38 am
http://www.mcoscillator.com/learning_center/weekly_chart/golds_13-1_2_month_cycle_low/
In the overnight futures, around
Posted by steve101 on 25th of Nov 2016 at 08:35 am
In the overnight futures, around 9PM we got down to 1170.3. That is slightly below the area for a .618 retracement of the whole move up. In Elliot Wave wave 2's typically correct 61.8% in new uptrends coming off of major lows. So, it caught my attention.