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Gold To Test 1530 Before Additional Weakness

Gold To Test 1530 Before Additional Weakness

2011-05-18 15:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gold_2_body_gold.png, Gold To Test 1530 Before Additional Weakness

Prepared by Jamie Saettele, CMT

A B wave (flat or triangle) may be forming from the 1462.50 low. The implications are for a test of 1526.80 before weakness resumes. Watch the short term parallel channel for resistance as well as the 100% extension at 1535.40.

Support/Resistance Index (M,W,D) – 0, 0, (3)

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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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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