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Gold Possibly in Short Term Triangle

Gold Possibly in Short Term Triangle

2012-09-20 22:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_gold_body_gold.png, Gold Possibly in Short Term Triangle

Prepared by Jamie Saettele, CMT

Consolidation since Monday may take the form of a short term bullish triangle. If a triangle is underway, then expect 1 to 2 more days of range trading until an upside break and test of 1800. From a trading perspective, it would be wise to allow the triangle to play out and look for a low (in the final leg of the triangle) early next week.

LEVELS: 1715 1737 1747 1791 1800 1825

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