In our Global strategy research report we have been showing the movements of Dow Jones Industrial Average (DJIA), Comex Gold, Comex Silver and currency movement of EUR/USD.
Each of these asset charts shows Applied Elliott wave counts and what can be expected in future. We have picked up Comex Gold from our past report and show what has happened currently. We have applied not only Elliott waves but also traditional patterns like Triangle:
Wave Analysis: On May 15, 2013, we mentioned that “As shown above in daily chart of Comex Gold, in last two trading session prices continued to sustain below the immediate resistance of 1440/1450 levels and moved lower. As per wave perspective, sustainable and sharp move on downside indicates that prices have almost ended wave iv near 1490 levels and it should start the next leg on downside in the form of wave v of wave c.
From medium term perspective, failure to cross above the strong resistance of 1490/1500 indicates that major trend is down in this commodity. Positional trader can add shorts on any rise from the current level with a risk management level of 1490/1500.” The above chart clearly showed the pattern target of 1280 on downside for more than a month back.
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Comex Gold: On The Downside
Published 06/26/2013, 05:12 AM
Updated 05/14/2017, 06:45 AM
Comex Gold: On The Downside
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Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
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