Gold in Limbo at Current Level

DailyFX

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.
eliottWaves_gold_body_gold.png, Gold in Limbo at Current Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Near term, watch for resistance from the ‘meridian’ line that has proved important on numerous occasions. The line is at about 1435 this week. 1367 is still estimated support (low last week was 1365). Failure to hold that level on a daily closing basis would be worrisome.

Commodity Trading Strategy: Flat

LEVELS: 1307 1321 1367 1414 1440 1470

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