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Gold Reverses at 61.8% Fibonacci Retracement

Gold Reverses at 61.8% Fibonacci Retracement

2011-08-29 16:14:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_gold_2_body_gold.png, Gold Reverses at 61.8% Fibonacci Retracement

Prepared by Jamie Saettele, CMT

Weakness is not clearly impulsive but respect potential for another down leg in the yellow metal. The rally from the recent low has reversed at the 61.8% retracement of the decline from the top which is often a sign that the rally in question is corrective. I am cautiously bearish.

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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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