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Gold at Moving Average and Structural Resistance

Gold at Moving Average and Structural Resistance

2012-01-11 00:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold at Moving Average and Structural Resistance

Prepared by Jamie Saettele, CMT

Gold has entered a zone that may be difficult for bulls to penetrate. The zone is defined by the 12/21 high and 200 day average on the low end and 11/21 low and September-November trendline at 1672/90 on the high end. 1654.40 is a pivot from 12/12 that may produce a reaction as well.

Bottom Line – short against 1675, target new lows

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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