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Gold Daily RSI Below 30 for first Time in Over 3Years

Gold Daily RSI Below 30 for first Time in Over 3Years

2011-12-15 16:16:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Daily RSI Below 30 for first Time in Over 3Years

Prepared by Jamie Saettele, CMT

Gold continues to decline and the rest of the world is finally noticing (after it’s down 20% from the top). As such, we could get bounces but I maintain that the larger trend is down and rallies should be sold. Resistance comes in at 1600 and 1620. It’s a matter of time until the September low is broken and weakness accelerates towards 2010 resistance in the mid 1400s.

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