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Gold Next Resistance is Clustered around 1700

Gold Next Resistance is Clustered around 1700

2012-01-23 22:05:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Next Resistance is Clustered around 1700

Prepared by Jamie Saettele, CMT

Gold has exceeded the 50% retracement of the decline from the November top and focus has shifted to a cluster of resistance near 1700. Aside from round number significance, the 61.8% retracement resides near there as do lows from early December. Short term channel resistance is just above 1700.

Bottom Line – flat

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