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Gold Current Level Defined by Former Support

By , Sr. Technical Strategist
09 April 2013 20:29 GMT

Daily Bars

eliottWaves_gold_body_gold.png, Gold Current Level Defined by Former Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Gold took a hit last week and the bearish triangle pattern possibility is out the window as gold traded below the February low. It’s obvious that gold is at a huge point in time. A drop below the 2011 low (1522.50) could send price cascading much lower as years of built up longs at bad prices are forced to liquidate. Areas of interest in the event of a break are the areas of 1400 (100% extension and 2010 consolidation), 1300 (127% and 2011 low), and perhaps even 1150ish (161.8% and July 2010 low). This scenario is viewed as possible as long as price is below 1617.

Commodity Trading Strategy: Flat

LEVELS: 1522 1540 1555 1589 1608 1617

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09 April 2013 20:29 GMT