Spot Gold And Silver

[nayzak]

HI TO ALL ESTEEMED TRADERS AND MIKE SPECIALLY

I appreciate if any one can give us their view on the charts for spot gold and silver ... another queston or request .. i noticed for example when viewing the daily gold chart if using the normal elliot count it gives you a setup which could be totally different one than if you use a local elliot count .. so for example now days for gold the normal elliote count gives you indication to wait for sell signal with wave one label at 8/1/04 while for a local elliot count it gives you a buy signal with wave one label at 24/10/03 so i am confused which signal to take and which is nearly true !!!


I appreciate your help and support

[georgeace]

Hi. I am going to give you my very simplified view on Gold$. When the commodity broke previous years highs at 418 it was just overheated. A healthy pullback to the blue line (1) was expected when it broke. I have drawn in support line 2 and 3 for you - which is the maximum I could expect Gold to retrace roughly. However, this retracement action is healthy for the bigger picture, and new highs in the future have a healthy risk:reward ratio for me right now.

Happy Trading, George