Gold May Face The ‘Meridian’ Line Again as Resistance

Jamie Saettele, CMT

Weekly

eliottWaves_gold_body_gold.png, Gold May Face The ‘Meridian’ Line Again as Resistance
eliottWaves_gold_body_gold.png, Gold May Face The ‘Meridian’ Line Again as Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: To review, “Gold didn’t quite trade to new lows but silver did last week. Non-confirmations (divergences) of price extremes between related assets often mark market turns or at least the beginning of a reversal pattern. Gold’s low was also at a downward sloping trend channel. Recent chop could be the beginning of gold forming a bullish base.” Near term, watch for resistance from the ‘meridian’ line that has proved important on numerous occasions. The line is at about 1440 this week.

Commodity Trading Strategy: Flat

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