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Gold Could Get Interesting for a Turn Slightly Lower

By , Sr. Technical Strategist
24 June 2013 18:59 GMT

Weekly

eliottWaves_gold_body_gold.png, Gold Could Get Interesting for a Turn Slightly Lower

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: I’m looking for a ‘tradeable low’ in gold between 1220 and 1265. 1265 is the June 2010 high. 1250 is the extension from 1523 of the 1523-1796 range. 1220 is the 161.8% extension from 1322 of the 1322-1488 range. 1227 is the November 2009 high. There are clusters of levels at 1155 and 1045/80 as well. It’s been gold’s tendency since September 2012 to ‘crash’ for 2-4 weeks and consolidate for at least a month. This week would be week 2 of this ‘crash’.

Commodity Trading Strategy: Looking for a low this week between 1220 and 1250. Given current market conditions, a turn would probably occur with the S&P 500 (watch 1550), and the AUDUSD. I’m looking for ‘tradeable lows’. These are lows that lead to sharp advances (‘snapback’ rallies) but not the end of trends.

LEVELS: 1156 1220/27 1250/65 1297 1308 1316

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24 June 2013 18:59 GMT