Sunday, March 30, 2008

Metals : Gold selling panic would continue!


The yellow metal, the one every one loves and a lot die for, is under selling pressure right now, by looking to its chart we could notice how are people afraid since it touched 1000$/Oz, it couldn't handle being above 1000$ for more than a night or two as every time it passes this level it retraces quickly.
March 19th. candle was an aggressive bearish one with a trend breaking sign confirmed with the following candle which was out the uptrend completely and which gave more power for bears, Fibonacci studies tell us about our targets of shorting it with 882.50 as a first target "keep an eye of 904-last Thursday's low", 840 as a second target and 790 as a third target while, Elliott waves suggests a final target of 745, a way or another, it's over for gold for now, i think.