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[QUOTE="ddukic, post: 36174, member: 17645"] Gold 22/11/2012 - 4h Chart Analysis [IMG]http://fxlisting.net/images/gold240-22112012.jpg[/IMG] GOLD 4 HOURS CHART SUGGESTIONS: It is not safe to forecast the Gold’s price evolution during the Thanks giving day in the USA. Nevertheless, the main question is: Is the correction, from 1.795 usd level to the one of 1.689 usd, a “pull back” or the “A” leg of a major correction to be followed by the “B’ and “C” legs so to fulfill Elliott’s theory about corrections composed by three legs, “A-B-C”? The correction on the 0.38 grade of a Fibo Retr scale does not clarify the evolution. The previously observed long term increase of the Gold’s price can easily accept as “pull back” a correction up to the 0.38 grade of the relative Retr Fibo scale. Anyway, the long positions should remain opened. The u1-u2 up channel is respected and the price is hovering above the tandem of the two SMAs, the 50 and 200 periods, promising further up movement provided the 1.733 usd level is crossed from below. “Bears”, please stay away. Is not your time, unless you can masquerade in “Bulls”. [/QUOTE]
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