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Gold Action from Low Viewed as Corrective

Gold Action from Low Viewed as Corrective

2011-10-03 15:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_gold_body_gold.png, Gold Action from Low Viewed as Corrective

Prepared by Jamie Saettele, CMT

Gold plunged last week and reversed just shy of its 200 day average, which hasn’t been reached in over 2 years! An impulse is unfolding from the high so expectations are for this rally to reverse near the current level and for gold to drop in a 5th wave to a new low.” Look lower in a 5th wave towards 1500 and 1478 (July low).

Trend Strength (M,W,D) – 1, 0, (1)

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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 and follow hom on Twitter @JamieSaettele.

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