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Gold Panic Decline Stalls at Averages / Former Resistance

Gold Panic Decline Stalls at Averages / Former Resistance

2012-03-05 21:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Panic Decline Stalls at Averages / Former Resistance

Prepared by Jamie Saettele, CMT

Gold plunged last week (last Wednesday) after failing ahead of the November high. The market has stabilized just above the 50 day average and former January resistance. I’ve no confidence in the larger pattern but will note that gold has traded in roughly a $300 range since September (if you must trade gold, then play the range).

Bottom Line – no idea

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