Today's session in the ES_F was a snorer at best. With the FED decision regarding interest rates due on Wednesday, participation will most likely remain on the lighter side. Materially, nothing has changed from the short term forecast provided within the April 24, 2011 edition of Heard On The Street. Therefore, I thought I would spend some time on Gold.
At the weekly chart level, Gold's rally is very mature with 1530 as a target for the termination of w.5.
At the daily chart level, w.(i) - w.(iii) of w.(v) of w.5 are complete and I'm calling for a modest decline to where w.(iv) =.382w.(iii) at 1491 before making a final push to 1530.
Best of Trading
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