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MUMBAI, Dec 26 (www.GoldTradingCalls.com) Gold price futures makes an intermediate top at USD 1140 on Jan 07 and is on corrective mode for the next 2-3 week period. This is corraborated by the fact Gold price has broken below the upward trend line shown in the graph above.
From Elliott wave prespective we can clearly the rally in the form of a-b-c Flat correction rally upward from Dec 21 and the c wave clearly showing the 5 wave moves up .
Traders are requested to trade on the short side and use any corrective rally to place themselves on the short side of the trade. Weakness should persists for the next 2-3 week period. The analysis is negated when the price moved over USD 1140.
