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Gold Could Fall off a Cliff

Gold Could Fall off a Cliff

2011-07-01 15:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_2_body_gold.png, Gold Could Fall off a Cliff

Prepared by Jamie Saettele, CMT

It is worth considering a count in which the rally from 1463.50 completes a truncated 5th wave (ending below 3rd wave high). The implications are for a drop to at least 1463.50 over the next few weeks. Today’s decline may be the beginning of a 3rd wave (or C wave). Objectives are 1446.30 and 1403.97 (100% and 161.8% extensions).

Trend Strength (M,W,D) – 3, 0, (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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