Gold Trades Sideways
60 Minute Bars
Prepared by Jamie Saettele
A break of long term trendline support in gold is needed in order to suggest that an important top has formed. The trendline is at 1362 this week. Near term, the decline from the top is in just 3 waves which is corrective. It is possible that the decline ended in 5 waves with a truncation but a more clear bearish pattern is required if I’m to turn bearish above the long term trendline support.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.