-- Posted Tuesday, 18 December 2007 | Digg This Article | Source: GoldSeek.com
Gold - Triangle Pattern
Dec 18 2007
Short Term Forecast
The price action for Gold appears as a triangle pattern, indicating that an explosive breakout is imminent. This breakout could be to the upside or downside, but we are expecting it to break to the upside. We can let the price action within the triangle tell us which way its going to break.
The chart below illustrates that the current advance is wave (D) up, so we should see another pullback in wave (E) before the breakout. A break below the lower trendline or wave (C) low would be bearish. A break below the wave (A) low (red line) would confirm the bearish breakout.
A pullback to the wave (E) target with an advance above the wave (D) high and upper trendline would be bullish. A move above the wave (B) high (green line) would confirm the bullish breakout.
Gold
The decline for the HUI and Silver are not in triangle patterns, but the decline appears corrective and fits with the Gold triangle count. There are also possible triangles and/or ending diagonal patterns for many of the indices worldwide, which alos suggests that a rally is near.
These charts are only a guide so that you can follow the action and watch for the expected breakout of triangle. The action could play out exactly as illustrated or it may need minor adjustments as we follow it through.
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To learn more on the status of Gold, Silver, HUI and the USD, please visit the link below for registration details. The commentary and forecasts are updated daily, including intraday commentary and chart updates. Fibonacci pivot dates and cycle analysis are also utilized to forecast reversal dates. The indices covered include the NASDAQ, DOW, S&P 500, Nikkei, and DOW Transports. Commodity charts include the CRB Index, Copper, Crude, Gold, Silver, HUI and the XAU (Gold and Silver index). Additional Elliott Wave charts cover the US Dollar (USD),CAD, Euro, 10 Year Treasury Note Yield (TNX), Nortel, Ballard Power, EBay, Encana (ECA), North American Palladium, Gold Corp, Pan American Silver, Central Fund (CEF), Couer D Alene Mines (CDE), Newmont Mining (NEM), Agnico Eagle Mines (AEM) and Denison Mines.
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