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Gold Continues to Break Channel Supports; Focus is on Dec. 2011 Low

Gold Continues to Break Channel Supports; Focus is on Dec. 2011 Low

2013-02-20 22:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Continues to Break Channel Supports; Focus is on Dec. 2011 Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: I wrote yesterday that “action at the downward sloping channel (if reached) will determine whether or not I stay bearish. A daily close below the channel would warn that the decline is accelerating towards the December 2011 low.” Gold closed well beneath the channel and thus focus is on 1522.50. Watch the former resistance trendline (now an internal trendline), which crosses this level over the next few days. Today is a large range down day which may be the beginning of at least near term capitulation.

Commodity Trading Strategy: Risk on shorts is moved down from 1655 to 1610. 1570/85 is now estimated resistance.

LEVELS: 1478 1523 1548 1572 1585 1595

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