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60 Minute Bars

eliottWaves_gold_2_body_gold.png, Gold 1559.30 Defines the Trend

Prepared by Jamie Saettele, CMT

Gold has reversed sharply but a bearish outcome remains possible as long as price is below 1559.30. 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. The decline from 1559.30 and subsequent recovery may compose waves i and ii of the next leg lower (wave ii is a flat).

Trend Strength (M,W,D) – 2, 0, 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.