By Waves Strategy Advisors, For more information on where is Gold & Silver headed from here visit www.wavesstrategy.com or write to helpdesk@wavesstrategy.com
Comex Gold showed one of the biggest one day decline on 12th April 2013, since 2012.
Prices broke the very important level of $1540 on Friday and failed to produce any meaningful bounce back so far. Expectation was that this level of 1540 should hold but since a very clear decisive break has happened on downside Gold should lose its shine and will eventually lose its tag of “safe haven” or “safe investment”
Comex Gold Daily chart:
MCX Gold Continuous Daily chart:
Wave Analysis
Comex Gold fell to its lowest levels since July 2011 in the last week. Prices failed to hold the strong support of 1520 levels, fell steeply and made a week low of 1481 levels. Overnight, prices opened on a lower note and made a low of 1425. Sharp move below 1520 levels broke the contracting triangle pattern on downside and indicates the topped out in yellow metal. In short, ….…… will now act as a strong resistance on upside. As long as, prices move below this level our favored view is negative and prices can move lower towards……….
Similar to Comex Gold, MCX Gold had a violent move on downside in the previous trading session. Prices broke previous low of 29000 and closed near week low of 27600. Decisive break of downward sloping blue channel has resumed the downtrend.
As per wave perspective, failure to hold the pivot low of 29000 indicates the resumption of double zigzag pattern (a-b-c-x-a-b-c) in the form of minor wave c.
In short, ………… will act as a strong resistance. As long as prices hold this level our bias is negative. On intraday basis any attempt form the current level will provide …….. for a move towards……….
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Make objective sense out of the near-term fluctuations in Gold, Silver, Copper and Crude. For more information write to us at helpdesk@wavesstrategy.com or call us on +91 9920422202 / + 91 22 288313588 or visit www.wavesstrategy.com
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