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Gold Next Resistance is December High

Gold Next Resistance is December High

2012-02-01 23:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Next Resistance is December High

Prepared by Jamie Saettele, CMT

January’s rally was the 4th largest since 2000 and largest since August (2011). Of course, the metal plunged the following month (September). One has to go back to November 2009 to find the next best month (13.21%). Guess what? Gold plunged in December 2009. The December high at 1770.50 is the next resistance. A drop under 1735 would shift focus to 1717 and 1706.

Bottom Line – flat

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