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Gold Bearish Key Reversal

Gold Bearish Key Reversal

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Bearish Key Reversal

Prepared by Jamie Saettele, CMT

Gold reversed last week near the December high and has declined about 2% in the last 2 days. Price is nearing potential support from a trendline that extends off of the 12/29 and 1/25 lows. A drop below the trendline would shift focus to the January congestion zone at 1647/85. A bearish bias is valid against 1765.90.

Bottom Line – short, stop 1765.90, target open

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

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