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Gold Tests Short Term Resistance Line

Gold Tests Short Term Resistance Line

2011-05-16 15:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gold_2_body_gold.png, Gold Tests Short Term Resistance Line

Prepared by Jamie Saettele, CMT

The bounce from trendline support is viewed as corrective although a push above 1526.80 cannot be ruled out prior to additional weakness. A bearish objective comes in at the 100% extension of the decline from 1577.40, at 1411.90. This level intersects parallel channel support on Tuesday and is 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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