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Gold Drops but Remains Constructive

Gold Drops but Remains Constructive

2012-09-24 23:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gold_body_gold.png, Gold Drops but Remains Constructive

Prepared by Jamie Saettele, CMT

The decline from the high in gold is impulsive (5 waves) but that decline could just as well complete a flat. As such, it is best to refrain from the short side until a drop below last week’s low (1752). Also, the chart shown today highlights a common bullish setup in which RSI slips to new lows while price makes higher (although barely in this case) closes. Focus would shift to 1715 in the event of a 1752 break.

LEVELS: 1715 1737 1752 1780 1790 1800

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