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Gold Drop Extends – Short Term Objective is 1710/25

Gold Drop Extends – Short Term Objective is 1710/25

2011-08-24 14:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_gold_2_body_gold.png, Gold Drop Extends – Short Term Objective is 1710/25

Prepared by Jamie Saettele, CMT

I wrote yesterday that “considering that amazing run that Gold has seen and the one sided sentiment towards the metal, consider the possibility of a more bearish interpretation. 1900 has already been exceeded so respect the potential for a more important high to form.” Gold has already $150 from its peak. If the recent top is to prove significant, then gold will probably reach the Fibonacci extension at 1710 within the next day or so as weakness extends in 5 waves from the top.

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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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