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Gold 20 Day Average Serving as Support

Gold 20 Day Average Serving as Support

2012-02-14 00:07:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_GOLd.png, Gold 20 Day Average Serving as Support

Prepared by Jamie Saettele, CMT

The decline from the 2/3 high and subsequent recovery may compose waves 1 and 2 of a larger bear leg. A bearish is valid against 1765.90 (daily key reversal last Friday). A drop below 1706.40 would shift focus to the January congestion zone at 1647/85. Given the signs in the FX space that the USD is vulnerable, I am not confident in a near term bearish bias.

Bottom Line – flat

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