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ECB leaves monetary policy unchanged

Gold Rockets Higher off of Trendline

Gold Rockets Higher off of Trendline

2012-02-07 23:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Rockets Higher off of Trendline

Prepared by Jamie Saettele, CMT

Gold rallied over $20 today after touching a trendline that extends off of the 12/29 and 1/25 lows. Still, a bearish is valid against 1765.90 (daily key reversal last Friday). A drop below 1712.60 would shift focus to the January congestion zone at 1647/85.

Bottom Line – short, stop 1765.90, target open

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