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Gold Bounces from 50 day Average

Gold Bounces from 50 day Average

2011-03-16 14:32:00
Jsaettele,
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Daily Bars

eliottWaves_gold_2_body_gold.png, Gold Bounces from 50 day Average

Prepared by Jamie Saettele

Gold made an outside week last week which (along with divergence with RSI on the weekly) warns of distribution and a potential top.” Price has now reached its 50 day average but a break of long term trendline support is needed in order to suggest that an important top has formed. The trendline is at 1353 this week. 1418 is resistance.

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