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Gold Flat Correction Potentially Complete

By , Sr. Technical Strategist
06 June 2012 21:56 GMT

Daily Bars

eliottWaves_gold_body_gold.png, Gold Flat Correction Potentially Complete

Prepared by Jamie Saettele, CMT

Gold has rallied in 5 waves from the 5/30 low, which may mark wave C of an A-B-C corrective advance from the 5/16 low. Notice that RSI has exceeded previous peaks yet the series of lower highs in price is still in place. This is in place now across the board for the USD but we should respect the potential for weakness on balance into the end of the week (with a USD low in place on Monday). I am bearish against 1671.49 (May high).

LEVELS: 1545 1585 1609 1640 1656 1671

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06 June 2012 21:56 GMT