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Gold Weekly Bearish Engulfing

Gold Weekly Bearish Engulfing

2011-05-09 14:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Candles

eliottWaves_gold_2_body_gold.png, Gold Weekly Bearish Engulfing

Prepared by Jamie Saettele, CMT

Gold’s decline is deep enough to suggest that a more important top is in place (bearish engulfing on the weekly backs this view). Currently bouncing from a trendline, expect resistance from former daily lows at 15616.20 and 1540.30. Support levels are now 1146.80 (former resistance) and 1410 (3/28 low and 61.8% retracement).

Support/Resistance Index (M,W,D) – 0, (2), (1)

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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