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Gold Nears 200 day Average and July Low

Gold Nears 200 day Average and July Low

2011-09-26 14:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Nears 200 day Average and July Low

Prepared by Jamie Saettele, CMT

Gold plunged last week and price is almost at its 200 day average, which hasn’t been reached in over 2 years! An impulse is unfolding from the high so expectations are for consolidation in a 4th wave (possibly unfolding now) before additional weakness in a 5th wave. Another level to watch for support is the July low (1478).

Trend Strength (M,W,D) – 3, 0, (2)

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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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