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Gold Awaits Resolution to Volatile Range

Gold Awaits Resolution to Volatile Range

2012-02-08 00:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Awaits Resolution to Volatile Range

Prepared by Jamie Saettele, CMT

Gold was down over $10 today after rallying over $20 on Tuesday. The decline from the 2/3 high and subsequent recovery may compose waves 1 and 2 of a larger bear leg. A bearish is valid against 1765.90 (daily key reversal last Friday). A drop below 1712.60 would shift focus to the January congestion zone at 1647/85.

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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