Gold Slips Ahead of 61.8% Retracement
240 Minute Bars
Prepared by Jamie Saettele
To review, “decline from 1425.40 is in 5 waves, indicating that the larger trend is most likely down. Price is closing in on the 61.8% at 1380.82 and a move above there would shift focus to the 1393.90-1400 region. This area is defined by the 1/13 high, 100% extension (when counting the advance as an a-b-c-x-a-b-c), and 78.6% retracement. A drop below 1344 is needed to suggest that a secondary top is in place.
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