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Gold Technicals for July 26th

Gold Technicals for July 26th

2010-07-26 15:55:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Gold

60 Minute Bars

DT-GOLD-10-07-26_body_100726_100140_CQG_IC_Screen.png, Gold Technicals for July 26th

Prepared by Jamie Saettele

Gold has topped. Please see the latest special report for details. Gold is making its way lower and in an impulsive fashion. I wrote last week to “look for gold to form a low next week as wave 5 comes to an end. Expectations will then be for a move back to 1220.” After bouncing to 1204, gold is testing its low so a secondary top may be in place at 1204.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical analysis of currency crosseson 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.

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

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