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Gold Bearish Objective Near 1400

Gold Bearish Objective Near 1400

2011-05-11 16:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gold_2_body_gold.png, Gold Bearish Objective Near 1400

Prepared by Jamie Saettele, CMT

Gold has reversed lower offering evidence that a secondary top is in place. An objective comes in at the 100% extension of the decline from 1577.40, at 1411.90. This level intersects parallel channel support on May 17th and us reinforced by lows on March 28th and 29th.

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