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Gold Deeper Setback Would Present Opportunity

By , Sr. Technical Strategist
03 July 2013 17:19 GMT

Hourly

eliottWaves_gold_body_gold.png, Gold Deeper Setback Would Present Opportunity

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: To review - “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’.” The low was 1180 and the rally from that level is impulsive, which makes the low ‘tradeable’. The 2 ‘best’ areas for support are probably the former 4th wave low at 1225 and the large volume area at 1210.

Commodity Trading Strategy: Order to go long 1215, stop 1180.

LEVELS: 1210 1225 1242 1263 1297 1308

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03 July 2013 17:19 GMT