Gold

seeing some divergence on Gold...perhaps the lows maybe in and gold maybe ready to blast soon, still in sell mode but close to buy....

i want to see price close above 1704/5 and 1722 - 60min bar.

possible truncation....

dyor

ECB draghi press conference at 1:30 today, job claims today, non farm payrolls on friday...all can have impact on gold.

The levels most recent blogs have suggested are valid now that gold has broken down....

Is there any Greece news today at 12.30.
I am currently loosing from 1745, with no choice I will be closing my positions especially if it goes down to 1640 or more. I guess I have no other way out. Thanks. RG2

Hi
If wave A=C you get 1625 ish, so this area of 1630 and 1625 is a good target.
Need to look at silver charts and see what they are saying.
G

I've been short on this since 1720 and have added at today's backtest of the 1705 previous support, now resistance:



dl.dropbox.com/u/20815047/Golddaily05_12_12.gif

One thing about the target (assuming it does go that way); the blue Fibs on my chart show the extensions for a wave C down - the 100% level is at 1630. The 61.8% Fib of the move up from 1530 to 1795 is at 1630 and I have the main trendline support also at 1630. 1630 was also the original breakout point on the 1530 to 1795 move (top of a wave 1) so it's a really important level and I think it'll get tested. That's where I hope to close my shorts and go long.

I you must be short then? 1661.50 should be a realistic target.