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Gold Fails-Turn Not Yet Confirmed

Gold Fails-Turn Not Yet Confirmed

2012-01-12 19:57:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Fails-Turn Not Yet Confirmed

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.” Today’s turn may be the beginning of the next bear move but these up moves tend to continue on empty. A drop under 1630 would be enough to signal the beginning of the larger decline. Until then, be wary of a bear trap.

Bottom Line – short against 1675, target new lows

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