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Gold hits support and can still hit new high

Posted By Philinje On 04/05/2011 @ 08:43 pm In Gold | 1 Comment

Here is a technical explanation of how gold most likely hit the end of wave 4 today:

http://www.dailyfx.com/forex/technical/elliott_wave/gold/2011/05/04/eliottWaves_gold_2.html

And $1510 is an important trendline, which was exceeded just slightly. It looks like gold will close at around $1515.

Note how wave 5 could go to $1603.

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