Saturday, November 18, 2006

Gold Analysis 11.18.2006

Gold looks to be in a big consolidation/congestion pattern. Price has retraced to the .382 fib level and found support there. Market is strongly bullish still, as we remain above the 34 ema.

Price came back to test the support level at the .382 fib level. Found Support off the 55ema.

Looks like a possible wave 4 in progress. Lots of support here with 1) 200sma 2) 34ema 3) 89sma 4) 20sma.

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