Daily Bars

eliottWaves_gold_body_gold.png, Gold Maintains Contructive Bias

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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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 remains support.

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

LEVELS: 1555 1576 1585 1620 1639 1652