Monday, October 22, 2012

Gold Wave Technical Analysis - October 22, 2012

Gold Wave Technical Analysis - October 22, 2012


Gold Elliott Wave: Last Friday Gold was trading in a downward move like we expected; final (C) wave (coloured green) of the bigger wave (4) (coloured orange) is developing.
During the European session we could observe descending movement from 1,742.66 towards the 1,730.72 level. Therefore, during the early New York session Gold continued trading in a strong bearish mood and price reached 1,712.98 level.
We can consider this move as the end of the corrective wave (4) (coloured orange).  Read more