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Gold Makes Key Reversal but Corrective Pattern Still Possible

Gold Makes Key Reversal but Corrective Pattern Still Possible

2011-09-07 15:55:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_gold_2_body_gold.png, Gold Makes Key Reversal but Corrective Pattern Still Possible

Prepared by Jamie Saettele, CMT

Gold traces out another key reversal yesterday and price has plummeted into the center of its range today. Keep that word ‘range’ in mind as a triangle may be unfolding from the August top. One never knows if a triangle is underway until the pattern is mature but a triangle may be what this market needs in order to correct the recent surge in price and volatility. Remember, markets need to be corrected in both price and time. 1775 is near term support.

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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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