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Gold Has Trouble at Former Lows; 1229 is Possible Support

Gold Has Trouble at Former Lows; 1229 is Possible Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gold_body_Picture_3.png, Gold Has Trouble at Former Lows; 1229 is Possible Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-Gold traded into the 11/12 low and saw supply. Near term pattern is constructive. If a low is in place, then expect support from Friday’s close at 1229.

-Beyond 1180, the Jul 2010 low at 1157 and perhaps the 2010 low of 1045 become of interest. The latter level may be one that inspires a significant reversal as the 2008 high is at 1033. In general, the 1000 area was a ceiling for several years and may be the new floor but probably not until 2014.

Trading Strategy: Flat

LEVELS: 1208 1229 1245 | 1259 1269 1278

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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

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