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Gold Takes a Dive

By , Sr. Technical Strategist
07 June 2012 23:45 GMT

Daily Bars

eliottWaves_gold_body_gold.png, Gold Takes a Dive

Prepared by Jamie Saettele, CMT

Be sure to stay abreast of the current interpretation of wave structure in risk. “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).” There is no change but I’ll note that 1573/78 is probably short term support (former resistance and 20 day average).

LEVELS: 1522 1545 1574 1600 1612 1629

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07 June 2012 23:45 GMT