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Gold Working Towards Familiar Territory

Gold Working Towards Familiar Territory

2012-01-04 22:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gold_body_gold.png, Gold Working Towards Familiar Territory

Prepared by Jamie Saettele, CMT

My last comments were that “the spike under the September low probably cleared the market of weak longs so beware of a pop into 1600 before sellers return.” Price has reached 1600 but a closer examination of the technical evidence suggests that stronger resistance may not come in until 1630/40. This level is defined by the 20 and 200 day averages, 12/21 high, and channel resistance. Supports for Thursday are 1594 and 1583.

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