GC #F Analysis for 12.02.2007

Monthly chart shows a shooting star/doji candle for the month of November. Time for consolidation/retracement? Upside momentum remains in place.

Weekly chart shows resistance to be right at the 1.618 fib level. This higher high was made as price moved out of consolidation range. Was consolidation wave 4, and higher high at 1.618 fib wave 5? IF we have 5 waves up, THEN look for abc correction of the 5 waves.

Daily chart shows a lower high made. Look for potential larger pullback. This is great for gold bulls, as this means they can load up at lower and better prices.