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Gold Fibonacci Resistance above 1530

Gold Fibonacci Resistance above 1530

2011-05-10 15:06:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_gold_2_body_gold.png, Gold Fibonacci Resistance above 1530

Prepared by Jamie Saettele, CMT

Gold has held its support line that extends off of the January and March lows, which keeps the trend pointed higher for now. There is potential resistance from the 61.8% retracement at 1533.50. Lack of a reaction at this area would hint that the yellow metal is poised for fresh highs.

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

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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