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Gold Tests 200 day Average as Support

Gold Tests 200 day Average as Support

2012-03-06 02:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Tests 200 day Average as Support

Prepared by Jamie Saettele, CMT

Gold’s slipped below the 200 day average today but held resistance from January (1/12 high) 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) and that intramonth seasonality favors the downside against the first day of the month high (1730). 1683 and 1693 are resistance.

Bottom Line (next 5 days) – sideways / lower?

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