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Gold to Work Slightly Higher Before Collapsing

By , Sr. Technical Strategist
30 June 2011 15:49 GMT

60 Minute Bars

eliottWaves_gold_2_body_gold.png, Gold to Work Slightly Higher Before Collapsing

Prepared by Jamie Saettele, CMT

It is worth considering a count in which the rally from 1463.50 completes a truncated 5th wave (ending below 3rd wave high). The implications are for a drop to at least 1463.50 over the next few weeks. Expect the metal to work higher into resistance over the next week +. 1525 is the center of the resistance zone.

Trend Strength (M,W,D) – 3, 0, 0

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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30 June 2011 15:49 GMT