Gold: Three Waves of Recovery, Correction or Impulse?
Gregor Horvat | Nov 18, 2014 03:17AM ET
As expected; Gold broke to the upside on Friday into a third leg of recovery towards 1190 area. At that price third leg of recovery equals to wave A/1, so actually move can still be only a corrective if 1190/1200 resistance would hold. But based on daily count we would love to see a move towards 1220 that would confirm an impulsive recovery, away from 1131 low. Seems like metals are at some important "decision" price right now. Bearish trend would continue beneath the support and 1146 swing low.
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