Trading Gold 1 Hour Chart CFD Report Elliott Wave / Technical Analysis / Gold extended rally from recent lows, which means that wave iii) is definitely done and that market now trades in wave iv), which in fact may already be in final stages of a recovery. Notice that prices are trading very close to area of a wave four of one lesser degree, and also near to 38.2-50% Fibo retracement levels of wave iii) distance. As such, wave iv) may reach highs in the coming sessions, from where a sell-off into a new low is epxected. Meanwhile price must not rise above highest base channel resistance line. Wednesday, 23 November 2011 at 6:37:00PM AEST
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