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Gold: Next Stop, The Moon?
Gold topped $1,600 an ounce on July 18, for the first time ever
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By Vadim Pokhlebkin
Tue, 19 Jul 2011 10:00:00 ET |
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The mainstream financial press is full of stories about the "fundamentals" that have pushed gold above $1,600 an ounce. (However, note that, as our recent article pointed out, gold's initial push-off occurred despite "bearish fundamentals.")
But you didn't come to elliottwave.com for mainstream discussions. You're here to find out what the technical picture -- and specifically, the Elliott wave picture -- looks like for gold.
Suffice it to say that the Elliott wave picture in gold stands at a critical juncture. The "straight up" direction of gold's latest rally looks powerful, but the editor of EWI's intensive Metals Specialty Service Mike Drakulich points out the following in his latest intraday updates:
Note that both daily and 300-minute RSI are so far diverging.
In addition...both silver and the HUI gold and silver stock index are so far not confirming this new gold high. One other important note, gold has now been up ten days in a row - this is what I'd consider extreme action.
Metals Specialty Service is scrutinizing gold's internals to help subscribers anticipate the next move. What's more, it gives you a specific price level that may prove pivotal for gold in the days ahead.
Tags: Elliott Wave trading, gold futures, Greek debt, momentum, Relative Strength Index (RSI)