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Gold Breaks Signficant Support

By , Sr. Technical Strategist
01 October 2013 22:32 GMT

Gold

eliottWaves_gold_1_body_gold.png, Gold Breaks Signficant Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-A head and shoulders top was confirmed today with the break of the neckline (a more conservative approach is to wait for 1272 to break however). The objective is below the June low of 1180 at 1150.

-Possible supports along the way are the August low at 1272, channel support, and the 6/28 close at 1234.

Trading Strategy: Short, can tighten risk to 1355. The h&s target is 1150 (basically a test of the lows).

LEVELS: 1208 1234 1273 | 1305 1320 1352

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01 October 2013 22:32 GMT