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Gold Drops for 6th Consecutive Day

Gold Drops for 6th Consecutive Day

2013-05-16 21:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Drops for 6th Consecutive Day

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: Stop 1490. I won’t want to be short on a break above the range.

LEVELS: 1307 1322 1367 1420 1439 1470

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