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Gold to Kiss 1600 Goodbye?

Gold to Kiss 1600 Goodbye?

2012-07-10 22:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_gold_body_gold.png, Gold to Kiss 1600 Goodbye?

Prepared by Jamie Saettele, CMT

No change other than to note that gold may have tagged 1600 for the last time in a long time today…I’m still looking lower against 1641. “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: 1527 1548 1576 1597 1625 1641

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