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Gold Kisses Channel Goodbye

Gold Kisses Channel Goodbye

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_gold_body_gold.png, Gold Kisses Channel Goodbye

Prepared by Jamie Saettele, CMT

Gold has broken below a major trendline (and channel) that extends off of lows in 2008, 2010, and 2011. Focus is now on the December low at 1522.50 and then support from May 2011 and resistance from December 2010 at 1430/60. Look lower against the Monday high of 1586.

LEVELS: 1612 1586 1522.50 1477 1462 1448 1431

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

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