Wednesday, 23 September 2015

Gold 4 hour chart trend line support and EW count favour immediate upside

4 hour chart for Gold shows it is attempting to rally from trend line support, at the top of the channel that has provided more than a few trading edges since the July low. The Elliott Wave count favours immediate rally in another 3rd wave higher, which (obviously?) doesn't mean that we will see a rally, but (less obviously?) means that if we don't see an immediate rally from above Tuesday's low, I am free to look for better opportunities elsewhere. I posted my longer term view for Gold most recently in this post on the weekend.