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Gold Consolidates above 1700

Gold Consolidates above 1700

2012-01-30 22:55:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Consolidates above 1700

Prepared by Jamie Saettele, CMT

Gold closed close to unchanged from Friday and is up nearly 10% for the month. The performance in January puts gold on track for its best month since August (12.25%). Of course, the metal plunged in September. Further, one has to go back to November 2009 to find the next best month (13.21%). Guess what? Gold plunged in December 2009. Yesterday’s comments apply – “While today’s incredible rally may be exhaustive, attempting to short is not smart as studies show that trends tend to persist until month end.” Supports are now1700 and 1680. The next potential resistance is from a steep trendline at 1762.50 (December high is 1767.10).

Bottom Line – flat

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