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Gold Failed Breakout but Support Under 1650

Gold Failed Breakout but Support Under 1650

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Failed Breakout but Support Under 1650

Prepared by Jamie Saettele, CMT

Gold has returned to its range but support comes in from the 20 day average and 1644 low. 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).

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