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Gold Channel Resistance Near 1750

Gold Channel Resistance Near 1750

2011-10-27 15:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_gold_body_gold.png, Gold Channel Resistance Near 1750

Prepared by Jamie Saettele, CMT

Gold’s recent decline was a false start as the metal has roared higher to reach monthly highs. I maintain that the rally from the September low is corrective and will be retraced. Watch the channel for resistance near the mid 1700s. 1750 is the 100% extension of the rally from the low, 1762 is former support and 1772 is the 61.8% retracement.

Trend Strength (M,W,D) – 1, 0, 0

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