Gold Rally May Find Resistance at 1322

DailyFX

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eliottWaves_gold_1_body_gold.png, Gold Rally May Find Resistance at 1322

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: “Gold’s rally reversed gains after running into former lows and channel resistance. Gold’s advance is better than silver’s, which remains extremely depressed. Daily RSI on the metal has recovered to 60, a common area for the indicator to stop in a bear market.” Watch for resistance at 1322.

Commodity Trading Strategy: Flat

LEVELS: 1224 1244 1287 1322 1348 1365

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