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Gold Technicals for July 27th

Gold Technicals for July 27th

2010-07-27 16:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Gold

240 Minute Bars

Gold_Technicals_for_July_27th_body_100727_100605_CQG_IC_Screen.png, Gold Technicals for July 27th

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 yesterday that “after bouncing to 1204, gold is testing its low so a secondary top may be in place at 1204.” Gold has plunged and the metal is probably headed much lower in a 3rd wave. The next important support is 1045.

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.

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