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Gold Below 1365 isn’t Troubling for Bulls

Gold Below 1365 isn’t Troubling for Bulls

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_gold_body_gold.png, Gold Below 1365 isn’t Troubling for Bulls

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

Commodity Analysis: After being ‘too quiet’, gold is making a move. Recent comments were that “failure to hold 1367 on a daily closing basis would be worrisome. We should have an idea regarding the next move soon.” It seems that the move is lower. Price also closed below the line that extends off of the April and May lows today. An extension of the 1321-1488 range yields a target of 1155, which is in line with the July 2010 low of 1157.

Commodity Trading Strategy: Flat

LEVELS: 1277 1307 1321 1361 1376 1395

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

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