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Gold Inside Day Follows Sharp Decline

Gold Inside Day Follows Sharp Decline

2013-05-02 00:14:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Inside Day Follows Sharp Decline

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 – “After nearly retracing the entire 4/15 decline, gold reversed at 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) as well. If gold is headed lower over the next few weeks then it needs to stay below this line. Strength above would shift focus to the December 2011 low at 1522.”

Commodity Trading Strategy: Short against 1500, for a new low, specifically the 2011 low at 1307.

LEVELS: 1367 1403 1439 1485 1495 1522

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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