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Gold Breaking Mutliple Support Lines

Gold Breaking Mutliple Support Lines

2011-12-06 16:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_gold_body_gold.png, Gold Breaking Mutliple Support Lines

Prepared by Jamie Saettele, CMT

The 3 wave rally from the September low is viewed as a correction of the decline from the record high and should be completely retraced. Gold briefly traded under channel support and the former 1681 pivot low from late October before rebounding. A look at the long term picture reveals that gold remains above long term trendlines but some of those lines are well below the current level. Even a test of the trendline that has defined price since the summer 2010 lows would result in a test of the mid 1500s (52 week average in the vicinity). A drop similar in amplitude to the one that occurred in September would reach the low 1400s. If gold has entered a larger bear market, then price needs to stay below the September-November trendline. Confidence in the downside is increased as gold has broken multiple trendline supports. 1720 is now resistance.

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