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Gold Reaches 20 Day Midpoint, Former Trendline in Play

Gold Reaches 20 Day Midpoint, Former Trendline in Play

2013-04-24 22:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Reaches 20 Day Midpoint, Former Trendline in Play

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

Commodity Analysis: Gold has reached the 20 day midpoint (1465) and top of the rising wedge (connect the tops of 4/16 and 4/22. Of note as well is the downward sloping line that connects the record high and February 2012 high (2/29/12 was a $105 down day high to low). That line provided support in late August 2012 (8/31/12 was $47 up day high to low). The line is at about 1477 on Friday.

Commodity Trading Strategy: Triggered short at 1459, stop is above 4/15 high (1495), target is new lows and specifically the 2011 low at 1307

LEVELS: 1367 1405 1439 1477 1495 1523

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