Gold Rally is in 2 Equal Legs; Watch Near Term Channel for Support

DailyFX

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eliottWaves_gold_body_gold.png, Gold Rally is in 2 Equal Legs; Watch Near Term Channel for Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Gold’s rally consists of 2 equal legs (almost exactly). This relationship is typical of corrective movements. Just as important, the level is also defined by the 6/20 close. Volume that day was the 4th highest of the year, behind only 4/12, 4/15-4/16.

Commodity Trading Strategy: Limit on longs hit at 1295, sit tight for now.

LEVELS: 1223 1243 1267 1299 1319 1349

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