Gold

[Ddukic]

Gold 11/09/2012 - 4h Chart Analysis

COMMENTS: Great uncertainty across all instruments. The traders do not decide to follow a determined direction. The strong up moves for the last few days/weeks scare the traders to engage substantial exposures to either direction, long or short. The inserted Fib scale measuring the latest 3rd Elliott Wave performed by the price of Gold, indicates that last Friday’s high “touched” the 4.25 grade of the said Fib scale, a grade where usually 3rd Waves exhaust the course. The 4th Wave that follows, usually “returns” to significantly lower Fib grades. We will see.
SUGGESTIONS: The long running positions remain opened, eventually with reduced exposure. A trailing stop loss strategy must follow them. Eventual upwards return of the price will require increased long exposures. New short positions must be contemplated too. Stop loss above the last recent local high.

[Pipsurfer]

Gold sold off yesterday in the middle of Resistance zone. Now back on top of Support zone.

[Slugger]

Unsertain situation. I'd say for the long term run, the gold is to up in mid November. But for now it is hard to say.

[Stanko]

After falling down on Oct 1 gold climbed up a little and stabilize at 1311.00 level. As far as see, gold is the best back up for those countries, who's main reserve currency is USD. I think it will go up in the 2nd decade of October if US budget will not be done.