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Gold is Vulnerable

Gold is Vulnerable

2011-03-08 15:37:00
Jsaettele,
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60 Minute Bars

eliottWaves_gold_2_body_gold.png, Gold is Vulnerable

Prepared by Jamie Saettele

I wrote Friday that “the short term count makes the case for one more high before a more important top registers. Gold has pulled back from a record high but focus remains the next big round figure at 1500. Keep an eye on weekly resistance lines as well (there are 2 lines – one extended from the December 2009 and December 2010 highs and one extended from the May 2010 and December 2010 highs).” The new high has registered, therefore the probability of a drop to 1410.60 and then 1392.20 has increased.

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