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Gold 05-11

Gold 05-11

2010-05-11 16:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 DT511gold

Gold’s year + channel continues to hold and the rally through 1170 suggests that something big may be in the works. A bullish base has formed and a 3rd of a 3rd wave rally may be underway. I favor this interpretation as long as price is above 1156 (previously 1124). Targets are above the 1230 high.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum.  He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.   Send requests to receive his reports via email to jsaettele@dailyfx.com.

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