Gold Extends Gains Slightly; Nears Parallel Channel

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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: Wrote last week that “between here and 1340 is ‘no man’s land’. A push above 1340 would warrant a closer look, possibly offering a chance to buy dips.” Gold has reached 1340. The area is defined by former support and parallel channel resistance. Near term support is now 1313.25. See how the market handles weakness after this rally.

Commodity Trading Strategy: Flat

LEVELS: 1313 1323 1326 1350 1365 1395

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