Gold Extends Gains Slightly; Nears Parallel Channel

DailyFX

4Hour

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eliottWaves_gold_body_gold.png, Gold Extends Gains Slightly; Nears Parallel Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Gold’s rally reversed gains after running into former lows and channel resistance. Gold’s advance is better than silver’s, which remains extremely depressed. Daily RSI on the metal has recovered to 60, a common area for the indicator to stop in a bear market. In fact, yesterday’s reading was the highest since 11/23/12. Resistance is estimated at 1332

Commodity Trading Strategy: Order to go short 1332, stop 1350, target half 1270

LEVELS: 1223 1267 1313 1332 1350 1395

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