Gold 291112

With gold big plunge last nite,but shortly after there was a rebound up due to strong rally from the indices and plunge in the USD index. So, who says when equities down gold will go down?I dont think so!And if you were observing the market close enough, movements of gold and equities were lately directly correlated.

Gold, had been behaving quite inline with the wave count, we saw 1706 was the lowest point for last night which it coincide with the 61.8% of the prior wave B. Right after it stage a strong rebound to go as high as 1725 (as of writing)...Look at how these fibo lines act as temp stoppage points for gold...beautiful...This pullback i am looking at 1730 and 1736 (50 and 61.8% of wave 1) before a turn will commence to finish this Wave 2 up. Overall the trend to me is still a five wave down Wave C. We shall watch closely...how these fibo points act as resistance or support..