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Gold Breaks MAJOR Trendline Support

Gold Breaks MAJOR Trendline Support

2012-05-09 21:49:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_gold_body_gold.png, Gold Breaks MAJOR Trendline Support

Prepared by Jamie Saettele, CMT

Gold has broken below a major trendline that extends off of lows in 2008, 2010, and 2011. Focus is now on support from May 2011 and resistance from December 2010 at 1450/80. The bearish channel will come into play on a break below the December 2011 low. 1615 is resistance. The break is valid against 1650.

Ideas: short, stop 1650

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