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Today I’m beginning a series of commentaries on gold. Some of my previous public forecasts on this market were made in Hong Kong in September and October 2007, when I predicted upside moves and the mid-term top at around $1,020.Gold is now undergoing its’ largest correction in several years. Potentially strong support exists at 800, however the price pattern in the chart suggests that this support level could be broken to the downside after a period of consolidation, with additional support levels appearing at $780., then at around $720-740.
Daily Gold chart as at 14 August 2008 using NextVIEW Advisor
TECHNICALS
R1 – 860. - $870.
S1 - $800. - $780.
S2 – (not shown on the chart) $720 -$740.
Chart Pattern – Wave “C” (of the Elliott Wave Principle) does not appear to be complete.
NextView RSI – oversold – and also implying that the major uptrend is at least temporarily halted and has become a down trend.
S1 - $800. - $780.
S2 – (not shown on the chart) $720 -$740.
Chart Pattern – Wave “C” (of the Elliott Wave Principle) does not appear to be complete.
NextView RSI – oversold – and also implying that the major uptrend is at least temporarily halted and has become a down trend.
Commentary and Analysis by Don Schellenberg
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