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Gold Trade Remains Constructive

By , Sr. Technical Strategist
13 March 2013 01:03 GMT

Daily Bars

eliottWaves_gold_body_gold.png, Gold Trade Remains Constructive

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Friday’s action following NFP is bullish. After the release, gold took out the previous 5 days’ lows, reversed, and closed near the high of the day and range. The near term action supports the previously presented bullish evidence. “Given sentiment as indicated by COT and the retracement of the rally from the 2/21 low stopping at the high volume day close (2/20 close in futures), a bullish bias is warranted against the 2/21 low. The counter to this is that a drop below 1555 could complete 5 waves down from 1697 and give way to a more persistent advance.”

Commodity Trading Strategy: Long against 1555, target 1650

LEVELS: 1500 1523 1555 1620 1639 1652

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13 March 2013 01:03 GMT