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Gold Breaks 9/2 Low; Focus is on 1345-1350

By , Sr. Technical Strategist
05 September 2013 23:30 GMT


eliottWaves_gold_1_body_gold.png, Gold Breaks 9/2 Low; Focus is on 1345-1350

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-Gold reversed from channel resistance last week. The rally from 1180 would consist of 2 equal waves at 1440, a little over $6 from the top that is in place now.

-Price broke the 9/2 low. The 7/24 high, channel support, and 8/20 low are in focus at 1347-1352. Weakness below there would suggest that the rally from 1180 is complete.

Trading Strategy: Looking for resumption of long term weakness as per the 3 wave advance from 1180 and near equality of the legs from the low.

LEVELS: 1301 1318 1352 | 1384 1417 1434

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05 September 2013 23:30 GMT