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eliottWaves_gold_body_gold.png, Gold Finally Cracks 2011 Low; Lots of ‘Stuff’ at from 1220 to 1250Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Wrote yesterday that “after being ‘too quiet’, gold is making a move…the move is lower. Price closed below the line that extends off of the April and May lows today. An extension of the 1321-1488 range yields a target of 1155, which is in line with the July 2010 low of 1157.” Keep the extended target of 1155 in mind but also recognize the potential for something to materialize from between 1220 and 1250 (several measurements, the June 2010 high and November 2009 high).

Commodity Trading Strategy: Flat

LEVELS: 1156 1220/27 1250/65 1301 1308 1316

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