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Gold Triangle Breakout Objectives at 1685, 1720

Gold Triangle Breakout Objectives at 1685, 1720

Christopher Vecchio, CFA, Senior Strategist

Daily Bars

eliotWaves_gold_body_Picture_1.png, Gold Triangle Breakout Objectives at 1685, 1720

Prepared by Christopher Vecchio, Currency Analyst

The descending trendline off of the September 6, 2011 and February 29, 2012 highs (coincidentally major dates for the Euro-zone crisis: the day the Swiss National Bank implemented the EURCHF peg at 1.2000; and the day the European Central Bank implemented LTRO2, respectively) broke yesterday, suggesting that the consolidation Gold has been in for the past 11-months may be over. Although the daily RSI is showing signs of technical exhaustion, our bias for precious metals has become bullish. A weekly close above 1660 today would be bullish going forward. Using the near-term channel, off of the May 16 and July 12 lows, with the topside parallel taken at the June 6 high, near-term resistance comes in at 1680/85. Congestion is likely into 1700/20. Support comes in at 1640/45 (200-DMA), 1610, and 1585.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail

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