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Gold Rallies into Former Lows

Gold Rallies into Former Lows

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gold_body_gold.png, Gold Rallies into Former Lows

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Wrote last week that “between here and 1340 is ‘no man’s land’. A push above 1340 would warrant a closer look, possibly offering a chance to buy dips.” Gold has reached 1340. The area is defined by former support and parallel channel resistance. Near term support is now 1313.25. See how the market handles weakness after this rally.

Commodity Trading Strategy: Flat

LEVELS: 1301 1313 1323 1339 1365 1395

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

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