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Gold Decline Highest Since December Crash

Gold Decline Highest Since December Crash

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Decline Highest Since December Crash

Prepared by Jamie Saettele, CMT

I have no idea what moves gold. The yellow metal made its February high AND low in the span of a few hours on Wednesday. The decline, directly from the top, was the largest one day decline since December 14th but that decline occurred AFTER several weeks of weakness when one would expect a panic capitulation type of move. This decline is seemingly out of the blue. Regardless, the price is coming into the confluence of the 20 and 200 day averages. A break exposes 1640. 1740 and 1760 are resistance.

Bottom Line – no idea

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