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Gold Reaches 20 Day Midpoint, Former Trendline in Play

By , Sr. Technical Strategist
24 April 2013 22:31 GMT

Daily Bars

eliottWaves_gold_body_gold.png, Gold Reaches 20 Day Midpoint, Former Trendline in Play

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Gold has reached the 20 day midpoint (1465) and top of the rising wedge (connect the tops of 4/16 and 4/22. Of note as well is the downward sloping line that connects the record high and February 2012 high (2/29/12 was a $105 down day high to low). That line provided support in late August 2012 (8/31/12 was $47 up day high to low). The line is at about 1477 on Friday.

Commodity Trading Strategy: Triggered short at 1459, stop is above 4/15 high (1495), target is new lows and specifically the 2011 low at 1307

LEVELS: 1367 1405 1439 1477 1495 1523

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24 April 2013 22:31 GMT