Andy¶s Technical Commentary__________________________________________________________________________________________________
Gold -Weekly Continuation (Log Scale)
This ridiculously well-defined trend channel continues to remain intact. Longer term bulls should remain vigilant of the key support point at $1,425 or any breakof the uptrend. Though, $1,425 should be considered as ³more important´ thanthe trend line--it¶s a level which really ³stands out´ on this chart.
$1,425/oz
Andy¶s Technical Commentary__________________________________________________________________________________________________
Gold June Futures: 120 min. with Weekly Support and Resistance
Last week¶s wave count gave us the correct short term direction on Gold. We¶re now closing in on an(a)=(c) target at $1,552/oz. It¶s probably time for the day trading longs to be punching a ticket out of this market. The bias is that that this move higher is a -b-wave of yet another triangle; so, thereshould be a better buying opportunity when the -c-wave hits.
-a-
(a)
[e]
(b)
[a][b][c][d]
(c)
-b-
REPRINTED from 5/30/2011
Andy¶s Technical Commentary__________________________________________________________________________________________________
Gold AUG Futures: 120 min. with Weekly Support and Resistance
A
few weeks ago, it was pointed out that Gold was approaching the conclusion of a -b-and that it would beprudent of short term speculators to ³punch out´ and wait for a better opportunity.
A
t this point, it does seemslike we¶re now in the middle of -c-wave lower that should take the ³yellow metal´ back to $1,500. I¶m expectinglower price action this week.
[c]
(w)
[e]
(y)
-a-
[a][b][c][d][a]
(x)
[a][b]
(w)(x)
[b][c][d]
-b-
(y)
[e]
(a)(b)(c)
-c-
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