Posted by: stockscooter | March 26, 2012

Gold Update

Gold has yet to show strength, although the weak gap-up openings Friday and today look hopeful.    If gold ends this week , weakly (pun intended) it will also mark a weak month. so strength here is vital for the gold bugs.  The 38 and 50% areas are marked on the chart, as the natural correction areas (support).  It would seem to me, further advance would be much healthier if this correction would play out first.  Again, a five wave pattern can be seen with a 5th wave extension completed.

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