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Gold Breaks Range Only to Snap Back

Gold Breaks Range Only to Snap Back

2012-09-26 22:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Breaks Range Only to Snap Back

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). A drop below would shift to 1715 and probably quickly given the crowded nature of this market.” Today’s action is indicative of a market that was too crowded as those late to the game got stopped out only to see the market snap back and close at the former lows. A test of 1715/25 can’t be ruled out as long as price is below 1775 (spot prices) but Wednesday’s intraday action is more suggestive of consolidation before upside continuation.

LEVELS: 1687 1715 1735 1755 1765 1775

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