Gold had rallied during CNY, hitting as high as 900++ before moving south. A pivot as been formed around 912. From Elliot Wave point of view, Wave 1 is now completed, we should see price to move between 858 - 912. I believe the next entry point should be around 835-858.

Commodities and futures pivot points

Last updated with closing prices on Wednesday, 28 January 2009
	Brent	Gold	Silver	Gas Oil	Heating Oil	Rbob Blendstock	WTI Crude Oil
Open	44.20	900.2	12.060	434.75	1.3810	1.2056	42.21
High	46.19	903.1	12.060	459.00	1.4432	1.2056	43.60
Low	43.76	882.0	11.959	434.75	1.3810	1.2056	40.60
Close	44.90	888.3	11.959	443.75	1.4116	1.2056	42.16

Standard Pivots
	Brent	Gold	Silver	Gas Oil	Heating Oil	Rbob Blendstock	WTI Crude Oil
R3	48.62	924.2	12.161	483.25	1.5054	1.2056	46.60
R2	47.38	912.2	12.094	470.08	1.4741	1.2056	45.12
R1	46.14	900.3	12.026	456.92	1.4429	1.2056	43.64
PIVOT	44.95	891.1	11.993	445.83	1.4119	1.2056	42.12
S1	43.71	879.2	11.925	432.67	1.3807	1.2056	40.64
S2	42.52	870.0	11.892	421.58	1.3497	1.2056	39.12
S3	41.28	858.1	11.824	408.42	1.3185	1.2056	37.64

Fib Pivots
	Brent	Gold	Silver	Gas Oil	Heating Oil	Rbob Blendstock	WTI Crude Oil
FIB R3	47.36	912.0	12.093	469.84	1.4735	1.2056	45.09
FIB R2	46.46	904.2	12.055	460.87	1.4505	1.2056	43.98
FIB R1	45.87	899.2	12.031	455.05	1.4356	1.2056	43.26
FIB PIVOT	44.95	891.1	11.993	445.83	1.4119	1.2056	42.12
FIB S1	44.03	883.1	11.954	436.62	1.3883	1.2056	40.98
FIB S2	43.44	878.1	11.930	430.80	1.3734	1.2056	40.26
FIB S3	42.54	870.2	11.893	421.83	1.3504	1.2056	39.15