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Gold Breaks Below 1650, Real Test Comes at January Low

Gold Breaks Below 1650, Real Test Comes at January Low

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_gold_body_gold.png, Gold Breaks Below 1650, Real Test Comes at January Low

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: Gold is below 1650 so shorts may be taken in the near future. A drop below the January low would warrant a bearish breakout entry.

LEVELS: 1600 1626 1642 1660 1685 1700

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