Adam Smith - Gold Technical Analysis


Gold prices ticked up above the point marked as wave I. So are we still in wave II down? There are times that prices extend without a pause so the question is where to consider that. The only pattern where wave b of II goes higher is called an expanded flat. In that prices do not go above the Fibonacci ratios of 123.6% or 138.2% of wave a. So the levels are 1224 and 1228. A top near these levels can mean that we are still in wave II down and will correct to 1180 before going higher. But once we cross 1228 then we have to consider that wave III up started already without a halt. While that is unusual it is not impossible



Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article are purely of the author - Mr Rohit Srivastava - a leading technical analyst. Visit www.adamsmith.tv for services offered by Adam Smith Associates Pvt Ltd

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