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Gold Reverses Just Shy of 61.8% Retracement

Gold Reverses Just Shy of 61.8% Retracement

2011-05-26 14:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gold_2_body_gold.png, Gold Reverses Just Shy of 61.8% Retracement

Prepared by Jamie Saettele, CMT

The rally in gold is nearing completion. Near term structure suggests at least one more high (above 1532.50) in order to complete the advance. Watch the short term channel for resistance as well as the 100% extension at 1535.40.

Support/Resistance Index (M,W,D) – 0, 3, 1

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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.

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