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Gold at Critical Juncture as Long Term Averages Meet

Gold at Critical Juncture as Long Term Averages Meet

2012-03-27 00:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold at Critical Juncture as Long Term Averages Meet

Prepared by Jamie Saettele, CMT

Gold slid lower for about a month after the 2/29 mini crash before rallying sharply today. Bigger picture, the rally and decline from the December low may compose the base that propels gold to all-time highs. When viewed in the proper context, price action since September appears as nothing more than consolidation within a secular bull market. Near term, former support is now potential resistance at 1704.

Bottom Line (next 5 days) – ?

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