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Gold Triange Breakout Objectives at 1685, 1720

Gold Triange Breakout Objectives at 1685, 1720

2012-08-30 13:35:00
Christopher Vecchio, CFA, Senior Strategist
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Daily Bars

eliottWaves_gold_body_Picture_5.png, Gold Triange 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) has served as support (resistance becomes support once broken, and vice-versa), suggesting that the consolidation Gold has been in for the past 11-months may be over.

As noted last week, “Although the daily RSI is showing signs of technical exhaustion, our bias for precious metals has become bullish.” Some of that technical exhaustion has been relieved over the past few days, and with price holding up, Gold could be coiling for a move higher. 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.

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