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Gold Bearish Trendline Break Still Valid

Gold Bearish Trendline Break Still Valid

2011-10-19 14:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Bearish Trendline Break Still Valid

Prepared by Jamie Saettele, CMT

This week’s gold decline demands respect as the bounce from the September low may now be complete. Typically, this type of bounce acts as a midpoint for the larger decline. Interestingly, weakness from 1694.80 would equal the 1920.45-1532.07 decline at 1301.08, which intersects with channel support at the beginning of November. Of note is the 2011 low at 1308.37.

Trend Strength (M,W,D) – 1, 0, 0

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