Gold Rallies Remain Corrective
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-Gold remains bearish but emotions are high and the metal is nearing a potentially significant price level (1155).
-Beyond 1180, the Jul 2010 low at 1156 and perhaps the 2010 low of 1045 become of interest. The former level is in line with a short term measured objective of 1055. The latter level is in line with the 2008 high at 1033. The 12/20 report takes a look at the long term picture.
Trading Strategy: Short, tighten stop to 1245 (entry was 1245), target 1160 (1211 – (1267-1211)) = 1155
LEVELS: 1045 1155 1180 | 1211 1220 1234
--- 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.