Gold forecast as of 09/08/2009

Gold –As the market finally broke out of the range upward, it seems that last weeks’ scenario B is working out. Elliott shows that market is in the process of  “Flat” (FL) 2nd wave in the range of 973.86 – 1022.12 between September 10th and December 24th .

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Market move below 930 may signal that FL 2nd wave is done and 3rd wave down has started.

Flat is a three wave pattern, where 1st and 2nd wave are corrective in nature and 3rd, the last wave, impulsive in nature.

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