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Gold Support Begins below 1750

Gold Support Begins below 1750

2012-09-17 21:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Support Begins below 1750

Prepared by Jamie Saettele, CMT

Gold has reached the long cited 1755 objective and may be in for several sessions of much needed consolidation. A return to the Fed low at 1715 could (depending on what path price takes to get there) present an opportunity to buy the dip against 1645. As mentioned last week, “the huge volume and large range is consistent with the beginning of some consolidation before the continuation of the advance.”

LEVELS: 1715 1737 1747 1791 1800 1825

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