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Gold Rally Fails ahead of Important High

Gold Rally Fails ahead of Important High

2012-07-05 17:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_gold_body_gold.png, Gold Rally Fails ahead of Important High

Prepared by Jamie Saettele, CMT

No change…I’m looking lower as long as gold is below 1641. There is very little to say as gold is in its 8th week of consolidation. In fact, gold has oscillated on both sides on 1600 since May 2011. This length of consolidation will probably fuel an impressive break…eventually. The sideways trading from the May 2012 low is taking on the form of a head and shoulders continuation pattern (bearish) but a break below 1548 is needed to confirm. Exceeding 1641 would shift focus to 1671 (May high).

LEVELS: 1547 1588 1607 1641 1672 1700

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