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Gold 20/50 Day Average Bearish Cross

Gold 20/50 Day Average Bearish Cross

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold 20/50 Day Average Bearish Cross

Prepared by Jamie Saettele, CMT

In general, the series of lower lows and lower highs since the 2/29 mini crash may be the beginning of a larger decline. The 20 day average crossed below the 50 today. Still, strategy remains unchanged; “Use Wednesday’s large range bar extremes (high and low) as points of reference to determine a bias. In other words, turn bullish on a break of Wednesday’s high and bearish on a break of Wednesday’s low.”

Bottom Line (next 5 days) – ?

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