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Gold Just Below Resistance

Gold Just Below Resistance

2011-02-02 15:41:00
Jsaettele,
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240 Minute Bars

eliottWaves_gold_2_body_gold.png, Gold Just Below Resistance

Prepared by Jamie Saettele

Gold has held a multiyear support line. However, the decline from 1425.40 is in 5 waves, indicating that the larger trend is most likely down. Price has nearly reached initial resistance from the former 4th wave at 1348.50. Just above there is the 38.2% retracement at 1353.28. This area is reinforced by former support.

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