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DailyFX Home / Forex Technical Analysis / Daily Technical Analysis

Elliott Wave Bias Table

Symbol Bias Time Frame Invalidation Objective Chart Links

Gold Nears Range Lows

Weekly

eliottWaves_gold_body_gold.png, Gold Nears Range Lows

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Near term, watch for resistance from the ‘meridian’ line that has proved important on numerous occasions. The line is at about 1435 this week. 1367 is still estimated support (low last week was 1365 and close today was 1367). Failure to hold that level on a daily closing basis would be worrisome. We should have an idea regarding the next move soon.

Commodity Trading Strategy: Flat

LEVELS: 1307 1321 1367 1395 1413 1423

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