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Daily Bars

eliottWaves_gold_2_body_gold.png, Gold Long Term Objective Near 1700

Prepared by Jamie Saettele, CMT

Gold has soared to a new high and focus is on the long term (multiyear) trendline, which is at 1675 this week. The line increases about 5 dollars a week. Former resistance at 1574.30 and 1559.30 is now support. A traditional measuring technique reveals an objective at 1693.30 (adding width of consolidation to breakout level).

Trend Strength (M,W,D) – 2, 0, 1

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COT

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.