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Gold Inches Towards 1800

By , Sr. Technical Strategist
04 October 2012 22:27 GMT

Daily Bars

eliottWaves_gold_body_gold.png, Gold Inches Towards 1800

Prepared by Jamie Saettele, CMT

“A previously rare occurrence has popped up 3 times since June. That is, gold has traded in a double inside day AFTER an outside day. Before June, one had to look back to 2009 to find this pattern. The pattern is a function of volatility contraction and the plethora of orders on each side of the narrow range is conducive to false breaks. One can envision a spike to a new high (above 1790.55 and maybe 1802.80) following Fed minutes tomorrow before gold reverses and declines sharply.” Gold rallied to a new high but, like the EURUSD, the rally was steady and gold closed near the highs. This suggests additional upside. 1763.25 is still the near term pivot.

LEVELS: 1736.05 1750.90 1763.25 1791.49 1802.80 1819.05

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04 October 2012 22:27 GMT