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Gold Consolidating Before at 1280-1290?

Jamie Saettele, CMT


eliottWaves_gold_body_gold.png, Gold Consolidating Before at 1280-1290?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“Gold has exceeded the 9/30 high. The area that surrounds 1350 has been an important pivot (support/resistance) in recent months. If a pullback is going to materialize, then this is the place for it to happen.”

-“The minor trend should be considered higher against 1310 but a drop below there would present the swing trader with an opportunity to buy against the Oct low. Supports are 1294 and 1282.” Price has dipped below 1210…look slightly lower.

Trading Strategy: Looking towards 1280-1290…that would be a great place for a low.

LEVELS: 1282 1294 1304 | 1335 1352 1362

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