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Gold Sideways Pattern Potentially a Triangle

Gold Sideways Pattern Potentially a Triangle

2012-05-29 20:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_gold_body_gold.png, Gold Sideways Pattern Potentially a Triangle

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 sideways trade since 5/16 may be a triangle. The implications are for several more sharp swings between recent extremes before a break to a fresh low. From a trading standpoint, trading in the middle of a correction is never a good idea (least amount of clarity).

LEVELS: 1462 1477 1522.50 1600 1625

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

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