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Gold

Gold

2010-07-29 15:16:00
Tim Shea,
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240 Minute Bars

eliottWaves_gold_body_100730_081753_CQG_IC_Screen.png, Gold

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 area is 1045/67 (former 4th wave extreme and 161.8% extension).

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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