Wednesday, 16 September 2015

Gold rallying from trend channel support, attempting to rally free from trend line resistance

Weekly chart shows that in late July Gold began a rally from trend channel support. Previous rallies from the nearby trend line have been good for 200, give or take. Why expect anything different this time?

4 hour chart zooms in to show price action since the July low. The Elliott Wave count remains bullish, and Gold is attempting to rally free of trend line resistance.