Gold Technical Outlook: Targets Seen At 1650 and 1700
July 20 2011
Gold hit a new all-time high recently around 1610 and we see a lot of room for even higher levels in days and weeks ahead. On a daily chart we are monitoring an impulsive advance from 1307 lows, where a final leg of that move, wave 5) may form an extended structure up towards 1700 and higher while 1478 critical region holds. The main reason for that outlook is a current rally from 1478, which shows personality of a third wave; huge sharp move in a relatively short period of time.
Within this leg we are looking at incomplete impulsive rise, which however found resistance in recent sessions, around 1610 region. This was likely a wave (iii) top as shown on the chart, which has accomplished its impulsive rise. As such, a corrective reversal is now unfolding, labelled as a blue wave (iv), which must form three sub-waves of a pull-back before uptrend will be expected to continue.
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