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Technical Analysis: Metals
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Spot GOLD
Tue, Aug 12 2008, 13:04 GMT
by Nicole Elliott
Comment: The collapse of the last four weeks has neatly matched what happened to the Euro (and the US dollar generally) so that gold has met our target of $800.00. In theory prices should try and stabilise here and wave C is equal to A and also because it is almost a 61% correction of the previous large rally. However, when so much bearish momentum has built and so many nerves are already frayed to pieces, the chance of an overshoot is extremely high. Note however that the metal does not even begin to look ‘cheap’ until well below $750.00, say closer to $700.00.
Strategy: The brave can attempt small longs at $825.00; stop below $785.00. Cover all longs between $900.00 and $935.00.
Published on Tue, Aug 12 2008, 13:06 GMT
Archive
- Spot GOLD
Published On Thu, Oct 9 2008, 14:54 GMT - Spot GOLD
Published On Tue, Aug 12 2008, 13:04 GMT - Spot PLATINUM
Published On Tue, Jul 22 2008, 09:49 GMT - Spot SILVER
Published On Fri, Mar 7 2008, 09:00 GMT - Platinum
Published On Wed, Jan 30 2008, 10:56 GMT
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