venckusarunas

Gold falling pattern near end?

FX:XAUUSD   Gold/U.S. Dollar
As the worlds eyes of fear still focused on China slow down - Gold             could have lots of volatile and sharp spikes as it suppose to be safe place for the money as stock markets experience sharp sell offs. But slowing production growth mainly in China reduces demand what can influence further Gold             price dip.
The market reached price level of 1921.24 in 2011-09-01 and reversed down into the Elliott wave impulse pattern. Now the last wave 5 is unfolding as the falling wedge pattern. Price is close to strong zone of 1040-1000 in the middle of the Fibonacci 50% and 61.8%.

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