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Gold Continues to Consolidate at Bottom of Range

Gold Continues to Consolidate at Bottom of Range

2013-03-05 21:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Continues to Consolidate at Bottom of Range

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

Commodity Analysis: No change: “Given sentiment as indicated by COT and the retracement of the rally from the 2/21 low stopping at the high volume day close (2/20 close in futures), a bullish bias is warranted against the 2/21 low. The counter to this is that a drop below 1555 could complete 5 waves down from 1697 and give way to a more persistent advance.”

Commodity Trading Strategy: Long against 1555, target 1650

LEVELS: 1523 1555 1576 1620 1639 1652

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