Now gold is trading around $1211 & as we can see on charts gold following a upward trade line & reaching to the major resistance zone from $1224-1245. While looking at the big time frame gold still looking bearish & this move seems like 3 corrective move after completing the 5 wave downside elliott wave pattern.
COMEX Gold and WTIC Crude Weekly charts are shown here with ATR volatility trading system applied on top of it and William VIX indicator to guage the weekly volatility. It is observed that Gold last week entered into the long term sell mode with current weekly resistance zone coming near 1260 zone.
Gold (20.08.2014) traded higher as per our last article & went to $1320 mark. However a sharp fall was witnessed from there specially on mcx with combination of INR.
Lets come to fundamental side before, we witness a blast in gold price after 2008 recession & gold price almost double in just 3 year span while in last 2 year gold also corrected more than 50% from the life time high. This is the biggest correction in past 12 years in gold & may remain always. Gold rallied from 2008 on basis of safe haven buying , alternate & safe investment , later on the based on QE program from US & many .