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Gold Trendline Resistance Near 1680

Gold Trendline Resistance Near 1680

2012-01-18 22:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Trendline Resistance Near 1680

Prepared by Jamie Saettele, CMT

Like the AUDUSD, gold carved out an inside day at its 2nd standard deviation band, which presents a reversal opportunity. Price has also remained under the 50% retracement of the decline from the November high. There is additional resistance from a trendline (off of September, November, and December highs) at about 1677 today. A drop below 1625 would confirm a reversal.

Bottom Line – short against 1685, target new lows

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