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Gold Stays Under Friday High-Downside Favored

Gold Stays Under Friday High-Downside Favored

2012-01-09 22:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gold_body_gold.png, Gold Stays Under Friday High-Downside Favored

Prepared by Jamie Saettele, CMT

Gold reversed to the tick at its Elliott channel on Friday and price remained below the Friday high today. A drop to a new low is favored. Keep in mind the potential for an extended decline (3rd of 3rd wave). Levels of interest would be former resistance from 2010 at 1445 and the 2011 low at 1320. The 200 day average reinforces resistance at Friday’s high as well. Additional technical research can be found at DailyFX.com.

Bottom Line – short against 1675, target new lows

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

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