Gold ~ Daily Continuation
Last week‟s lone support point held right on the spot. Who sells the 61.8% retracement on the first
go? It was a nice bounce from $1,626 but we cannot confirm that the wave down from $1,792 isover. New bulls/longs should use $1,641 and $1,626 for first and second levels of support.We had been suggesting a neutral triangle development from the highs, but given the similarduration of the legs and the lack of fibonacci relationship between the waves flowing in the same
direction, it‟s possible we‟re dealing with seven
-legged diametric pattern.
Andy’s Technical Commentary__________________________________________________________________________________________________