DOW JONES INDUSTRIAL

We are witnessing yet another recovery in this complex correction, and so a new key level emerges for our next directional trade. This comes at 11940. If we approach that level with diminishing volume, it makes sense to turn short there with a nearby stop. I still have not given up on the move to 9970 at this point in time.  See chart below:

Credit: Ramki

Gold –Possible Top out on Long Term Charts

If we look into the long term charts of gold on log scale. 

We have tested the top of the long term channel at 1900-1950.

Every time Gold has touched the higher end of the channel it has ended up correcting 15-20% also over the next few months.
  
If one has to enter I believe a technical entry point comes around 1600-1700 dollars. 

For the traders i would suggest to be careful on short term longs. Below 1770 there could be much sharper correction in gold. One may even look for a short at 1880-1920 zone.

Lets have a look at the daily charts which shows 1770 is an important level.

Although there would be many arguments of Gold being a good hedge to inflation or a great long term story but at current levels one may pause a bit on Gold Buying and if you have not bought gold yet its better not to take exposure to it.

This is purely from a market perspective and from current levels I would at least expect the pace of gold rise will slow down and downside risks seems more higher.

Credit:  Nooresh

Our major objective for Gold, identified in the August 21 Elliott Wave update, remains 2055. However, knowing that we are mere mortals in front of the market, we should seek additional clues along the way. Elliott has some strict rules, and one of them is in an impulse wave, Wave 3 should not overlap the top of Wave 1. As you can see from the attached chart, we are going up as a third wave, and equality measure for the third wave lies exactly at the prior top of 1911. Should Gold fail there for some unexpected reason, and come back and trade below 1835 (the first wave top), then we will say that the prior top was indeed the end of a major move, and what we just saw was a flat correction that unfolded in 3 waves. The implication is Gold will then travel quickly lower. While we stay above 1835, then, we should continue to be optimistic about the possibility of Gold reaching 2055. We shall, of course, fine tune that target as we go higher.

CREDIT:  Ramki