The recent top in gold is in 5 waves, which suggests that the prior 5 wave rally completed wave C of an expanded flat. Like the AUDUSD and NZDUSD, expect a correction. Resistance should be strong just above 1100 (1107-1117 specifically).
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to jsaettele@dailyfx.com.
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