Gold mid 2012 Pivot Lows Now of Interest

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eliottWaves_gold_body_gold.png, Gold mid 2012 Pivot Lows Now of Interest

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: I wrote last update (on 2/14) that “the break below channel support is enough to turn bearish for what may be the beginning of a larger breakdown”. It’s a good sign for bears that the break was validated by Friday’s sharp drop. After several days of consolidation, look lower. Action at the downward sloping channel (if reached) will determine whether or not I stay bearish. A daily close below the channel would warn that the decline is accelerating towards the December 2011 low.

Commodity Trading Strategy: Risk on shorts is moved down from 1690 to 1655.

LEVELS: 1564 1584 1596 1619 1638 1654

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