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Gold Reward to Risk Favor Shorts at Current Level

By , Sr. Technical Strategist
12 June 2012 22:04 GMT

240 Minute Bars

eliottWaves_gold_body_gold.png, Gold Reward to Risk Favor Shorts at Current Level

Prepared by Jamie Saettele, CMT

As mentioned yesterday, gold has been trading between its 2nd standard deviation Bollinger bands recently. “The latest move off of the high is impulsive (5 waves) which favors lower prices from the current level to at least Friday’s low at 1553. The bearish RSI reversal signal that was in place for gold last week is now in place for USD crosses.” The mentioned 5 wave decline was succeeded by a 3 wave advance into former congestion (resistance). Look lower.

LEVELS: 1522 1553 1582 1617 1641 1672

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12 June 2012 22:04 GMT