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Gold 05-14

Gold 05-14

2010-05-14 15:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 0514gold

The next objective would be the confluence of the long and short term resistance lines, at 1400 (mid June). There are 2 Fibonacci extensions above 1600 as well. Staying above 1180 keeps the trend pointed up (although the short term channel shown on this daily chart ideally remains intact). 1215 is potential support.

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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