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Gold Resistance at 1670

By , Sr. Technical Strategist
29 March 2012 23:35 GMT

Weekly Bars

eliottWaves_gold_body_gold.png, Gold Resistance at 1670

Prepared by Jamie Saettele, CMT

Bigger picture, the rally and decline from the December low may compose the base that propels gold to all-time highs. When viewed in the proper context, price action since September appears as nothing more than consolidation within a secular bull market. Still, resistance is 1670/85 and a drop below last week’s low should trigger losses towards 1600.

Bottom Line (next 5 days) – ?

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29 March 2012 23:35 GMT