Gold Fails to Respond to Support as Market Falls for 4th Day

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eliottWaves_gold_body_gold.png, Gold Fails to Respond to Support as Market Falls for 4th Day

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“Gold is consolidating around the level that was consolidation after the 10/17 advance and before the 10/22 advance. The opposite may be occurring now, in which case the yellow metal could very well see 1282-94 in the coming days.”

-Gold has sliced through the estimated support level. Failure to hold 1251 would open up 1234.

Trading Strategy: I can’t go long without any signs of the market stabilizing. If 1251 is taken out, then price could get ‘panicky’ down to 1234, which crosses the topside of a former resistance line on Wednesday.

LEVELS: 1234 1251 1260 | 1276 1289 1297

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