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Gold Holding at November Low

Gold Holding at November Low

2012-03-07 22:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Holding at November Low

Prepared by Jamie Saettele, CMT

Gold has held the 200 day average (closing basis) and yesterday’s low is right at the November low (inverse head and shoulders?). 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). Near term resistance extends to the mid 1690s.

Bottom Line (next 5 days) – ?

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