Gold Slips Lower – Could be Beginning of Larger Decline
Prepared by Jamie Saettele, CMT
Considering that amazing run that Gold has seen and the one sided sentiment towards the metal, consider the possibility of a more bearish interpretation. I had mentioned yesterday that a 4th wave correction is expected to begin and bring price back to 1815 or so before the final high is put in above 1900. 1900 has already been exceeded so respect the potential for a more important high to form.
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Trend Strength (M,W,D) – 3, 3, 3
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 firstname.lastname@example.org.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.