Monday, December 28, 2009

Gold is Likely to start a Long Term Correction

The present bull run is likely to peak out with in few months. Going by the price pattern it seems, it is likely to be in the fifth wave in Elliott Wave Principle's terms.

Sentiment indicates that everybody is bullish on Gold, which is the right atmosphere for a peak.

Volumes have increased, indicating distribution is taking place.

The presented graph could give a clue of the future course of Gold.