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Gold Not Giving Up without a Fight

Gold Not Giving Up without a Fight

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_gold_body_gold.png, Gold Not Giving Up without a Fight

Prepared by Jamie Saettele, CMT

Focus remains on early year pivots at 1600/10. Price is testing a long term trendline that extends off of the 2008, 2010, and December 2011 lows. A break of such a well-defined trendline would signal a significant shift. Today’s advance has challenged resistance from the 4/2 low (former support). The downside is favored below the April high of 1683.35.

Bottom Line (next 5 days) – lower

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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