Gold spot E- waves and Fibonacci

For what it worth:

Gold and silver headed lower today below last week lows, gold is already about 35$ below it recent top currently trading around the 2005 high level. This pullback might have another leg down but I wouldn’t bet on it. I continue to see excellent risk reward opportunity in buying gold and silver , the higher risk is on the short side of this market and the appreciation potential is much higher then the total price of gold or silver. Physical buyers, long term buyers and those holding short positions should take advantage of the market weakness and accumulate; short term traders could probably wait a bit longer for a bottom confirmation.

[Blockierte Grafik: http://photos1.blogger.com/blo…214/1988/1600/gold4.1.png]

Gold global perspective

Great Gold Bull Market Elliot wave counts - wave number 3 (second wave up)
This is my count , I still think its valid :

[Blockierte Grafik: http://photos1.blogger.com/blogger/7214/1988/1600/gold1d.png]

Gold global perspective

Zitat

Original von golderx
For what it worth:

Gold and silver headed lower today below last week lows, gold is already about 35$ below it recent top currently trading around the 2005 high level. This pullback might have another leg down but I wouldn’t bet on it. I continue to see excellent risk reward opportunity in buying gold and silver , the higher risk is on the short side of this market and the appreciation potential is much higher then the total price of gold or silver. Physical buyers, long term buyers and those holding short positions should take advantage of the market weakness and accumulate; short term traders could probably wait a bit longer for a bottom confirmation.

[Blockierte Grafik: http://photos1.blogger.com/blo…214/1988/1600/gold4.1.png]

Gold global perspective

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It is yet to be seen if gold and silver already bottomed or is another wave of selling coming? , this week lows are the key answer. A climb above this week highs will almost certainly confirm the bottom while a slide below this week lows will indicate another wave of selling could be expected. Caution is advised for those holding margined positions, while those who have no position can start accumulate averaging up or down, it will not be long before new multi years highs are made – this is my opinion. Those holding a short position should be aggressive buyers at current levels. The Increased volatility in the price of gold is a bullish sign and we are probably going to see huger intraday price movement, once market forces realize that gold and silver are not going lower and the bottoms are in, expect some kind of shorts capitulation which will propel gold to above 600$ and silver to above 10$.

[Blockierte Grafik: http://photos1.blogger.com/blo…/1988/1600/golderx1.3.png]

Gold global perspective

As appears on the daily chart below gold short term trend is still up. The channel is still intact and the price of gold is close enough to the bottom of the channel, the top of the channel is currently above 600$ and raising. I cannot guaranty that the eight days or so correction is over but it appears that the bottom of the channel, the Fibonacci retracement lines, the 50 days moving average and 2005 highs gave enough support for the price of gold to bottom and reverse.

http://globalgold.blogspot.com/

[Blockierte Grafik: http://photos1.blogger.com/blogger/7214/1988/1600/gold_up.png]