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Gold Stalls ahead of Important Resistance Levels

By , Sr. Technical Strategist
20 March 2013 22:19 GMT

Daily Bars

eliottWaves_gold_body_gold.png, Gold Stalls ahead of Important Resistance Levels

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Gold is nearing its first big test since longs were established in late February. 1620/25 might trigger a reaction (although I’d expect it to be minor). Stronger resistance is probably 1639-1652, which are former pivots that intersect trendlines starting next week. 1585-1600 is support.

Commodity Trading Strategy: Move risk up on longs to 1575, target still 1650

LEVELS: 1555 1585 1600 1620 1639 1652

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20 March 2013 22:19 GMT