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Gold in Tight Range at 61.8% Retracement of Decline

Gold in Tight Range at 61.8% Retracement of Decline

2011-09-02 07:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_gold_2_body_gold.png, Gold in Tight Range at 61.8% Retracement of Decline

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).” However, gold hasn’t seen much of a reaction from its 61.8% retracement. As such, respect the potential for a new high. 1990 would be an objective (161.8% extension of rally from 1702.89). Consider also the potential for a range to develop, perhaps as a triangle before the final thrust higher.

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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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