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Gold 1554 Needed to Confirm Breakdown

Gold 1554 Needed to Confirm Breakdown

2012-07-18 20:45:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold 1554 Needed to Confirm Breakdown

Prepared by Jamie Saettele, CMT

If a triangle is unfolding from the May low, then the range will tighten for perhaps another few weeks or more before the break. “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: 1526 1548 1554 1600 1611 1625

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