Elliott Wave Live: Gold: A Falling Knife or Correction?

Friday, January 28, 2011

Gold: A Falling Knife or Correction?

Many "Johny Come Lately" traders to the gold party might be second guessing themselves right about now. Their stops were hit below 1315.4. Imagine their reaction when the most recent decline bottomed right below their stops. Readers of Elliott Wave Live were alerted to the magnitude of the decline .... five days prior at: http://elliottwavelive.blogspot.com/2011/01/heard-on-street-s-gold-oil-and-usd.html

At the time I was calling for a corrective decline to the 1290-1291 region. The ON session pushed down near the vicinity of this significant area. Accordingly, I'm watching intently for confirmation that the corrective decline had indeed ended at 1308.2.
To find out if Gold is a falling knife or where an opportunity to get long exists, and whether Gold will hit a new high, watch this weeks "Heard On The Street" video update published this Sunday.

Best of Trading

1 comment:

MikeFebruary 3, 2011 at 6:20 AM
$GLD , Mini Gold futures may be forming a triangle at the 120 and 240 min chart levels.
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Friday, January 28, 2011

Gold: A Falling Knife or Correction?

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