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Gold Rally Reverses at Short Term Trendline Resistance

Gold Rally Reverses at Short Term Trendline Resistance

2011-09-19 15:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_gold_body_gold.png, Gold Rally Reverses at Short Term Trendline Resistance

Prepared by Jamie Saettele, CMT

“Keep the word ‘range’ in mind as a triangle may be unfolding from the August top in gold. 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.” If a triangle is underway, then gold would probably find support for wave C not far under the current price before staging a wave D rally towards the upper 1800s.

Trend Strength (M,W,D) – 3, 2, 0

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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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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