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Gold is Vulnerable on Channel Break

By , Sr. Technical Strategist
05 August 2013 21:46 GMT

4Hour

eliottWaves_gold_1_body_gold.png, Gold is Vulnerable on Channel Break

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: “Gold’s rally reversed gains after running into former lows and channel resistance. Gold’s advance is better than silver’s, which remains extremely depressed. Daily RSI on the metal has recovered to 60, a common area for the indicator to stop in a bear market.”

Commodity Trading Strategy: Triggered short at 1312, 1355 stop, targets 1270 and 1250

LEVELS: 1267 1282 1306 1315 1350 1395

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05 August 2013 21:46 GMT