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Gold Market in Sideways Correction; 1270 is Key

Gold Market in Sideways Correction; 1270 is Key

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_gold_body_Picture_3.png, Gold Market in Sideways Correction; 1270 is Key

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-A bearish Nov has given way to a sideways Dec. Near term pattern remains bearish however. Rallies are in 3 waves (suggests correction) and declines are in 5 waves (suggest impulsion).

-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: Short at market (current 1245), stop 1270, target 1160 (1211 – (1267-1211)) = 1155

LEVELS: 1208 1224 1239 | 1252 1262 1269

--- 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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