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Gold Short Term Bullish Base?

Gold Short Term Bullish Base?

2012-05-01 22:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Short Term Bullish Base?

Prepared by Jamie Saettele, CMT

Last week’s hold above the 4/4 low suggests that gold has been forming a bullish base since mid-March. Exceeding the April high would put bulls in control towards the trendline above 1700 (that line extends off of the September 2011 and February 2012 highs).

Bottom Line (next 5 days) – higher?

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