Fundamental analysis for precious metals gold - 12/1/2008

01 December 2008 @ 03:51 am EDT

The sideways trading continues among the 61.8% and 50.0% correction at 835.75 and 805.70 respectively, yet in a general perspective the metal is trading in a 76.4% descending Harmonic Channel over the medium term, thought the short term upside wave is still valid with volatility to be seen today as the metal attempts to acquire upside momentum to test 835.75; as we said the medium term trend is still to the downside and the upside wave that is expected to take the metal towards 835.75 and extends towards 871.80 will not cancel the trend which remains valid as far as trading is below 933.00.

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