Sunday, August 28, 2011

Xau/Usd : Downtrend?

Ofcourse the big question for gold is if the major top is in. The decline certainly looks corrective, but this is normal since the rally to the top was a wave 5 expanding diagonal ( 1980 top was wave 3 top ). Resistance of the 61.8% fib from the decline is around 1830. This level has some other fibonacci extension resistance levels.


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