Gold: Temporary Low in Place
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Aug 04 2010 EDT
Gold reversed powerfully in the past week from 1156 region where a temporary low has been established. We believe that an impulsive decline from 1265 top is in place, labelled as a blue wave (1), followed by an upward bounce, which should be a corrective blue wave (2). Prices already moved above upper trend-line resistance, which now suggests for more bulls to come, but a corrective red wave B) should be seen, before even higher levels are reached.
Gold 4h chart:
New York time: 00:00:00
Local time: 00:00:00
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