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Gold Backs off after Run Towards July High

Gold Backs off after Run Towards July High

2013-08-13 22:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gold_1_body_gold.png, Gold Backs off after Run Towards July High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: No change - “Keep in mind that gold is in a long term downtrend. Chasing is never a good idea but if you are going to do it at least do it in the direction of the bigger move! Monday’s advance is impressive and may set the stage for an eventual run on 1390-1400 (confluence of trendlines). Daily RSI ended Thursday at 58. In downtrends, price tops often form when RSI recovers into 60.”

Commodity Trading Strategy: Flat

LEVELS: 1267 1287 1317 1348 1365 390

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