Apr 272009
 

Many of you are aware that I have been looking for a serious downmove in Gold, but only AFTER a second retracement of the move that followed the initial sell off at the end of an extended fifth wave. We are currently still in that second retracement. I would urge traders to be paitient because the recent moves are not suggestive of an imminent reversal. Take a look at the chart below for additional inputs.

Elliott Wave Analysis of Gold

Elliott Wave Analysis of Gold

  3 Responses to “Outlook for Gold”

  1. hihi
    great Elliott Wave Analysis on gold,.
    Cheers.
    Is admin Ram??
    ciao
    Lu

  2. Respected Ramki Sir,
    I shall be highly obliged if your goodselves could write regarding technical analysis of gold for short term (3 months) and medium term (6 months). Presently I find almost all the oscillators for daily, weekly and monthly have turned so bullish that gold might surpass all time top, and may not reverse after second retracement,( as per your last article on gold), In case if gold stays above its all time high for atleast two weeks, then can we assume that implications of fifth wave extension is negated and will explode on the upside, Under what circumstances, implications of fifth wave
    extension can be negated

    • Hello DK, There is no change to my Elliott Wave call for Gold to experience a substantial downturn once it completes the 2nd retracement of the extended fifth wave.Be patient for the current rally to finish and join in when the sell-off begins. You don’t have to catch the top to make money.

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