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GOLD Is Bullish For 1740 While Above 1672


Nov 17 2012

Gold moved lower yesterday and tested 1698-1708 area that we highlighted several times this week. We still think that decline from 1738 is corrective wave 2, which means that traders should be aware of a break higher, while market trades above 1672 invalidation level. The fact is that recovery from 1672 can be counted impulsively and we know that impulses show direction of a larger trend or indicate cahnge in trend. In the very short-term we expect another test of 1700 before wave 2 completes.

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