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Gold Bullish Breakout Valid Above 1607

Gold Bullish Breakout Valid Above 1607

2011-08-02 15:14:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_2_body_gold.png, Gold Bullish Breakout Valid Above 1607

Prepared by Jamie Saettele, CMT

Focus remains on the long term (multiyear) trendline, which is at 1686 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). Currently at the 161.8% extension of the rally from the May low, this level may produce an interim top. Coming under 1607 would shift focus to 1580. Until then, I want no part of the short side.

Trend Strength (M,W,D) – 3, 2, 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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