Global Market Wrap: Europe Steady Ahead Of U.S. GDP Numbers
LFB Forex
Published Dec 31, 0000 07:00PM ET
Updated Oct 29, 2009 07:48AM ET
Gold Technical View: TheLFB Member Charts
4 Hour chart trend: Mixed. Main price points: 1015-1020, and 1070. Looking for: Wave 4)
Gold has traded lower recently, after the 1043 break that appeared this week. As such, wave C is now in progress which may be targeting the 1015-20 region over the next few days if equity trade moves lower, before technically bouncing at support and going higher again.
The area around the trend-line support shown will have to hold for a move higher in the red wave 5), because any break lower, through that area may drive gold into the 985 area, which will invalidate the wave count.
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Written By: LFB Forex
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