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Gold May Reach Record High

Gold May Reach Record High

2011-05-31 15:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_2_body_gold.png, Gold May Reach Record High

Prepared by Jamie Saettele, CMT

It remains possible that the rally in gold is corrective but price has exceeded the 61.8% retracement so respect potential for one more high to complete the 5 wave advance from the January low. 1515.60 is short term support. Any weakness below trendline support would suggest that the larger trend has turned down.

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

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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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