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Gold Inside Day at Elevated Level Portends Exhuastion

Gold Inside Day at Elevated Level Portends Exhuastion

2012-10-02 22:13:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_gold_body_gold.png, Gold Inside Day at Elevated Level Portends Exhuastion

Prepared by Jamie Saettele, CMT

“After trading to a new high for 2012, gold reversed to close over $15 off of its high. Despite the action, trading from the short side is dangerous. The 1740 area was identified as a high risk area for bulls and that level was not only overcome, but also held as support on 9/26. The next high risk area isn’t until 1856/75. 1753 is now support.” Tuesday’s inside day (after an outside day nonetheless) produces a new objective risk level to operate from the short side. A drop below Monday’s low would warrant a bearish bias against Monday’s high.

LEVELS: 1736.05 1750.90 1763.25 1791.49 1802.80 1819.05

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