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Gold Correction to End above 1600

By , Sr. Technical Strategist
24 May 2012 15:53 GMT

Daily Bars

eliottWaves_gold_body_gold.png, Gold Correction to End above 1600

Prepared by Jamie Saettele, CMT

“Gold has broken below a major trendline (and channel) that extends off of lows in 2008, 2010, and 2011. Focus is now on the December low at 1522.50 and then support from May 2011 and resistance from December 2010 at 1430/60.” Near term, the rally from the low is impulsive. Therefore, expect an assault on trendline resistance above 1600 before the trend turns down once more.

LEVELS: 1625 1600 1522.50 1477 1462

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24 May 2012 15:53 GMT