“Gold has broken below a major trendline (and channel) that extends off
of lows in 2008, 2010, and 2011. Focus is now on the December low at
1522.50 and then support from May 2011 and resistance from December 2010
at 1430/60.” Near term, the rally from the low is impulsive. Therefore,
expect an assault on trendline resistance above 1600 before the trend
turns down once more.
LEVELS: 1462 1477 1522.50 1565 1600 1625
http://www.dailyfx.com/forex/technical/elliott_wave/gold/2012/05/28/eliottWaves_gold.html
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