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Gold Faces First Test after Rebound off of Low

Gold Faces First Test after Rebound off of Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Faces First Test after Rebound off of Low

Prepared by Jamie Saettele, CMT

Gold has finally done something after consolidation at the top of the multiyear range for several weeks. The sharp break has resulted in a test of the 23.6% retracement of the advance from the late 2011 low. The area is also defined by September congestion. This is a level that could produce a low although 1715 (9/13 low) is probably stronger. The drop has shifted reward/risk to bulls against the 9/7 low at 1689.” Near term, gold faces a test at 1754. Support is now 1737.

LEVELS: 1715 1728 1737 1754 1770 1780

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.