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Gold Spike Lower Makes Turn Difficult to Trust

Gold Spike Lower Makes Turn Difficult to Trust

2012-01-16 17:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Spike Lower Makes Turn Difficult to Trust

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.” I wrote last week that “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.” Gold dropped below 1630 on Friday, albeit in a spike. Violation of a level in a spike is difficult to trust so the bear trap potential remains.

Bottom Line – short against 1675, target new lows

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