gold trend

١ مايو ٢٠١٤

As is shown in the graph, gold have gone through a great uptrend. Corrective wave A is a flat corrective wave(3-3-5). Wave A had fell below 50% of wave 5. And there is double bottom shape. I incline to wave A is over. Now is in the corrective B. in consideration of daily support 1255, wave B is likely to be a triangle corrective wave. Dot d is 1268.42 low price of 2014-4-24. Dot b is low price of 2013-12-31. the price of will go up to Dot A from Dot b in theory. dot B is on the line which goes through dot a and c . It is clear that 1330-1350 is strong resistance. I am not sure whether price can reach dot B. As is distinguished in the Subchart, if close price of today (5-1) is higher than the open price, RSI and MACD present end deviation. The probability that gold’s price reach 1360-1380 will get a lot bigger.