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Short Term Gold Pattern Has a Story to Tell

Short Term Gold Pattern Has a Story to Tell

2012-06-12 17:44:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

“THE MARKET(S)” a.k.a. “RISK” SNAPSHOT - 60 Minute Closes

Short_Term_Gold_Pattern_Has_a_Story_to_Tell_body_gold.png, Short Term Gold Pattern Has a Story to Tell

Prepared by Jamie Saettele, CMT

Gold has been a leader in recent weeks, having bottomed on May 30th and topped on June 6th. The decline from June 6th is in 5 waves and the subsequent rally has run into resistance and appears to be completing a 3 wave correction near current levels. Watch gold at these levels. If it can roll over here, then the rest of the risk spectrum may not be far behind.

Please keep in mind the pattern in the S&P 500, which is showing an impulsive rally from the 6/4 low. The implications remain for weakness towards the gap in SPY before a larger C wave rally later in June (see next chart).

SPY ETF – Daily Candles

Short_Term_Gold_Pattern_Has_a_Story_to_Tell_body_SPY.png, Short Term Gold Pattern Has a Story to Tell

Prepared by Jamie Saettele, CMT

Keep abreast of the time projections for the next top in the S&P 500 as well. Resistance for the next few days in the S&P are around 133 (SPY), 1323 (e-mini futures), and 1325 (index). The area around the 5/18 lows are supports.

AUDUSD – 60 Minute Bars

Short_Term_Gold_Pattern_Has_a_Story_to_Tell_body_audusd.png, Short Term Gold Pattern Has a Story to Tell

Prepared by Jamie Saettele, CMT

I’m still playing the risk on/off waves through the AUDUSD. I’m bearish but less so on weakness and more so on strength. Trade with the larger trend but decrease size on weakness at support and increase size on strength at resistance. The AUDUSD is at the bottom of its 9935/65 resistance zone. 9745 and 9800 are estimated supports later this week. If the Sunday night high doesn’t hold, then I would not be involved in the short side. Focus would shift to resistance between 10085 and 10140.

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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