Gold One More Low Could Produce 100 Dollar Plus Bounce

| 17 april, 2013 | 0 kommentarer

60 Minute Bars

eliottWaves_gold_body_gold.png, Gold One More Low Could Produce 100 Dollar Plus Bounce

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: See Friday’s weekly for analysis on gold. Near term resistance structure is clear with feeble bounce from the low probably composing wave 4 within a 5 wave decline from 1590.60. The implications are for a new low and perhaps a test of the 2011 low at 1307.45 before a reprieve from selling and move back towards 1404-1430 (which could also be a 4th wave rally). Bottom line, the strongest part of the decline is probably over and declines from here will be in stair-step fashion (series of 4th and 5th waves).

Commodity Trading Strategy: It seems paradoxical but the structure of a market is most clean when that market is most volatile (more emotion=more structural clarity). Watch gold even if you don’t trade it because a final low would probably be felt across other markets that also experience forced liquidations before yet another ‘snapback’ rally.

LEVELS: 1226 1265 1307 1404 1427 1460

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Kategori: Analys från DailyFX

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