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Elliott Wave Charting: Gold At Resistance

|Includes: Randgold Resources Limited (GOLD)

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Elliott Wave Charting

Gold

The triangle count on our daily chart shows that a recent recovery on gold from the 1185 region is a complex double zig-zag correction shown in wave (NYSE:E). Recently, prices reached the 1130 resistance region, around the levels where gains have slowed down. From an Elliott Wave perspective, a technical bounce on the Short side is expected over the coming sessions and days.

A move and daily close below the upward channel will confirm that a top is in place, and lower levels are underway. In this case Usd bulls should be seen.

TheLFB GoldTheLFB Charting: Gold 4 Hour View

 

 

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Disclosure: short