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Gold Breaks Through 1400; June High at 1424

By , Sr. Technical Strategist
26 August 2013 22:25 GMT


eliottWaves_gold_1_body_gold.png, Gold Breaks Through 1400; June High at 1424

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Gold has broken through the zone of consolidation that took place in mid-June and a confluence of trendlines. Focus now shifts to the June high at 1424.

Commodity Trading Strategy: Need a pullback from if want to participate on the long side. Look for a higher low above 1352. 1380-90 is now support.

LEVELS: 1352 1369 1389 1424 1440 1488

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26 August 2013 22:25 GMT