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Gold 1715 Viewed as Probable Support

Gold 1715 Viewed as Probable Support

2012-10-18 00:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold 1715 Viewed as Probable Support

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.”

LEVELS: 1715 1728 1737 1754 1770 1780

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