Gold Trading at 10 Day EMA; Level Has Been a Pivot Before

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eliottWaves_gold_1_body_gold.png, Gold Trading at 10 Day EMA; Level Has Been a Pivot Before

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-Gold reached channel resistance and pulled back last week. The rally from 1180 would consist of 2 equal waves at 1440, a little over $6 from the top that is in place now.

-The 10 day EMA is holding as support for now (closing basis). In trends, this average has tended to serve as support/resistance.

Trading Strategy: Looking for resumption of long term weakness as per the 3 wave advance from 1180 and near equality of the legs from the low. No trade setup yet.

LEVELS: 1318 1352 1373 | 1417 1424 1440

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