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Gold Sheds 6% in May but Rests on Edge of Cliff

Gold Sheds 6% in May but Rests on Edge of Cliff

2012-05-31 23:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Sheds 6% in May but Rests on Edge of Cliff

Prepared by Jamie Saettele, CMT

“The sideways trade since 5/16 may be a triangle. The implications are for several more sharp swings between recent extremes before a break to a fresh low. From a trading standpoint, trading in the middle of a correction is never a good idea (least amount of clarity).” Look lower from here as the triangle appears to be in its latter stages.

LEVELS: 1462 1477 1522.50 1584 1600 1625

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