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Gold Slips Below Steep Trendline

Gold Slips Below Steep Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Slips Below Steep Trendline

Prepared by Jamie Saettele, CMT

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 1706.40 would shift focus to the January congestion zone at 1647/85.

Bottom Line – short, stop 1765.90, target open

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