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Gold Trendline is Resistance above 1600 for Rest of May

Gold Trendline is Resistance above 1600 for Rest of May

2012-05-22 17:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_gold_body_gold.png, Gold Trendline is Resistance above 1600 for Rest of May

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.” Near term, the rally from the low is impulsive. Therefore, expect a bit more weakness into 1550/68 before an assault on trendline resistance above 1600.

LEVELS: 1625 1600 1568 1522.50 1477 1462

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