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Gold Focus Still on Another Low Before Larger Bounce

Gold Focus Still on Another Low Before Larger Bounce

2013-04-17 22:06:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_gold_body_gold.png, Gold Focus Still on Another Low Before Larger Bounce

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

Commodity Analysis: See Friday’s weekly for analysis on gold. Near term structure is clear with the feeble bounce from the low probably composing wave 4 within a 5 wave decline from 1590.60. The implications are for a new low and perhaps a test of the 2011 low at 1307.45 before a reprieve from selling and move back towards 1404-1430 (which could also be a 4th wave rally). Bottom line, the strongest part of the decline is probably over and declines from here will be in stair-step fashion (series of 4th and 5th waves).

Commodity Trading Strategy: It seems paradoxical but the structure of a market is most clean when that market is most volatile (more emotion=more structural clarity). Watch gold even if you don’t trade it because a final low would probably be felt across other markets that also experience forced liquidations before yet another ‘snapback’ rally.

LEVELS: 1226 1265 1307 1404 1427 1460

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