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Gold Extends Rally – Focus on December High

Gold Extends Rally – Focus on December High

2011-02-22 15:57:00
Jsaettele,
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Weekly Bars

eliottWaves_gold_2_body_gold.png, Gold Extends Rally – Focus on December High

Prepared by Jamie Saettele

Gold’s rally has exceeded the 78.6% retracement of the decline from the top and new highs look likely. Trading to a new high would shift focus to the next big round figure at 1500. Keep an eye on resistance lines as well (there are 2 lines – one extended from the December 2009 and December 2010 highs and one extended from the February 2009 and December 2009 highs).

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