Gold: Downside Should Resume As USD Expected To Rally
Ian Copsey | May 19, 2015 03:42AM ET
INTRADAY CHART
19th May:
Argh… I wasn't ready for such a push higher. At this point, until the daily trend resistance breaks, I feel with the dollar expected to rally that we should see the downside resume. There does appear to be a risk of seeing one more new high to around the 50% projection in Wave v at 1,123.60. Assuming this caps and we have the bearish divergence intact, we should see losses resume.
Of course, we don't have any foundation waves to use but a break below the Wave iv will help and suggest losses down towards the Wave -b- low.
Only back above 1,276.00 would risk a stronger rally...
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