Gold decided to retrace almost 50% of its previous leg up and fell to US$1315.50 its now trading at US$1339.50. We will see over this present week if the fifth wave has now commenced, I am suggesting that it has and with the DOW up 70 odd points this morning the All Ords will surely break 4800.
A few gold stocks have maintained good support after recent strong rises IAU has kept its head above $1.70 and looks poised to go over $2.00, ROL even with its capital raising has held onto $2.00.
I was not active in the market yesterday and have not been for a few days now.
Unfortunately I will miss this morning opening action which will see some positive gains again for those who had the ability to buy low Friday.
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