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Gold Outside Day but in Center of Range

Gold Outside Day but in Center of Range

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_gold_body_gold.png, Gold Outside Day but in Center of Range

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: Gold’s rebound from the 61.8% retracement of the rally from 1522 and former resistance (June-August 2012 highs) is constructive but the near term picture is defined by roughly 1650 and 1700. A break of that zone will present the next directional opportunity.

Commodity Trading Strategy: Flat

LEVELS: 1626 1642 1652 1685 1697 1711

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

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