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Gold Focus Still on 1600 Before Next Bear Leg

Gold Focus Still on 1600 Before Next Bear Leg

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Focus Still on 1600 Before Next Bear Leg

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 an assault on trendline resistance above 1600 before the trend turns down once more.

LEVELS: 1462 1477 1522.50 1565 1600 1625

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