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Gold 1603 Now the Pivot

Gold 1603 Now the Pivot

2011-07-29 15:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_gold_2_body_gold.png, Gold 1603 Now the Pivot

Prepared by Jamie Saettele, CMT

Focus remains on the long term (multiyear) trendline, which is at 1681 this week (increases about $5 a week). A traditional measuring technique reveals a longer term objective of 1692.05 (adding width of consolidation to breakout level). Short term momentum considerations (divergence) and the latest rally possibly being from a triangle warn of a drop into support from current levels. Coming under 1603 would suggest additional weakness. Until then, respect the upside.

Trend Strength (M,W,D) – 2, 1, 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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