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Gold Breaks Downward Sloping Channel

Gold Breaks Downward Sloping Channel

2013-02-14 20:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Breaks Downward Sloping Channel

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.” The break below channel support is enough to turn bearish for what may be the beginning of a larger breakdown.

Commodity Trading Strategy: Short against 1690.

LEVELS: 1563 1590 1626 1652 1673 1686

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

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