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Thursday May 20, 2010 - 06:26:36 GMT
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ImperialFXonline: Technical Analysis Report - Spot GoldFurther consolidation below 1249.15 top
www.imperialFXonline.comGold's latest rally stopped just short of the 1250 level and a record high at 1249.15 before the commodity staged a retreat and as mentioned in the previous update, the oscillators are unwinding their overbought and there is potential in the near term for further consolidation below this temporary top, however, the pullback from 1249.15 should be viewed as a minor correction (even though it has taken out the minor support at 1192.10) and the long-term uptrend is likely to resume later, above 1229/30 sees the wave 3 of the extended 5th wave rise that commenced at 1044.20 (broken down into the first wave ending at 1144.70 and the 2nd wave terminating at 1085.00) head on towards the 1300 level.
The fourth wave type downward correction may pressure gold to as far as the region of 1157.00/1167.50 but the broader bullish bias would only be removed if gold can fall below the chart level of 1123.05 (this would actually make the 5-waver from 1044.20 some sort of diagonal).
The long term uptrend from 251.70 which commenced in 1999 (there were several years of consolidation above this low before the break of 339.00 resistance took place in late 2002) extended to the record high of 1226.30 made in December 2009 before a correction started to unfold. The Elliot wave structure shows a wave 3 top at 1032.20 (2008) which was followed by a 4th wave retracement to 681.65 in mid-2009. The 5th wave upmove from there should head towards an objective projected to be around 1265 with potential for an eventual rise to 1380/90.Join Us and Strategize Your
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