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Gold: Short Setup

Long-term time frame:

  • Although it is still premature to assert that Gold has established a major bottom, the Falling Wedge can have concluded the corrective decline from the 2011 top. However Gold has to clear R2 = 1390 in order to confirm that a bottom is in place.
  • It is also important that during a pullback Gold must establish a higher low above/at the 20 mma = 1174

Gold Monthly Chart
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Short-term time frame: Short Setup

  • Daily oscillators are triggering a sell signal: RSI (14) has breached the trend line from the November low and it is displaying negative divergence; New bearish cross of the MACD and negative divergence of OBV

Gold Daily Momentum Chart
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  • Friday's Shooting Star should have completed a Rising Wedge
  • If the support located at 1237 is breached odds should favor a sharp decline
  • In my opinion we have two potential targets: T1 = 1192 and T2 with a range 1168 - 1150 ish (0.5 retracement, 50 dma and trend line from December)

Gold Daily Chart
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I provide Technical and Elliott Wave analysis of different asset classes: Stocks, Equity Indices, Fixed Income, Currencies and Commodities at the website: http://www.thewavetrading.com/

 

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