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Gold 100 off of Low and Into Resistance

Gold 100 off of Low and Into Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold 100 off of Low and Into Resistance

Prepared by Jamie Saettele, CMT

Gold went crazy Friday but has run into resistance from former support. Notice that RSI has exceeded previous peaks yet the series of lower highs in price is still in place. This is exactly what you should be looking for in the EURUSD, AUDUSD, etc. as the correction unfolds. Additional resistance comes in at 1644. A pop into there may complete a flat correction from the 5/16 low.

LEVELS: 1522.50 1545 1585 1630 1645 1671

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