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Breaking news

ECB leaves monetary policy unchanged

Gold Nearing First Big Test for Bulls

Gold Nearing First Big Test for Bulls

2013-03-19 21:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Nearing First Big Test for Bulls

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

Commodity Analysis: Gold is nearing its first big test since longs were established in late February. 1620/25 might trigger a reaction (although I’d expect it to be minor). Stronger resistance is probably 1639-1652, which are former pivots that intersect trendlines starting next week. 1585-1600 is support.

Commodity Trading Strategy: Move risk up on longs to 1575, target still 1650

LEVELS: 1555 1585 1600 1620 1639 1652

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