$XAUUSD (Gold) Short-term Elliott Wave Analysis 11.28.2014

Yellow metal has resumed the decline as expected and yesterday our system confirmed that cycle from 1131 low had ended and that wave ( X ) high should have been in place at 1208.We are beginning to see more confirming price action for that today. We think we have seen a short-term connector wave (x) at 1189.45 and near-term focus is on on 1160 – 1153 area to complete wave (( w )) before we get a bounce in wave (( x )) and lower again. We don’t like buying the metal & like staying short or selling (( x )) wave bounce in 3, 7 or 11 swings against 1208 pivot in 1st degree.

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XAU 6020141128175920

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