Gold Outside Week Suggestive of Exhaustion
Prepared by Jamie Saettele, CMT
Last week’s huge outside bar is consistent with a larger top as is the massive spike in volume on futures (CME…see COT link below). Near term, it is possible that a head and shoulders pattern is unfolding as well. A break below 1703.17 would be needed in order to trigger a bearish breakout.
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Trend Strength (M,W,D) – 3, 2, 0
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.