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Gold Reverse at Bottom of Range; Upside Risk Increased

Gold Reverse at Bottom of Range; Upside Risk Increased

2013-02-21 00:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_gold_body_gold.png, Gold Reverse at Bottom of Range; Upside Risk Increased

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: Continue to watch the former resistance trendline (now an internal trendline), which crosses the 2011 low (1522.50) over the next few days. Much like the GBPUSD, yesterday was a large range down day which and may signal the beginning of at least near term capitulation. Today’s reversal increases the risk of at least a sharp near term advance. 1597-1619 is resistance.

Commodity Trading Strategy: The reversal day after a large range day warrants a change from bearish to flat.

LEVELS: 1478 1523 1548 1597 1619 1639

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