Gold Remains Bearish Below May High
Prepared by Jamie Saettele, CMT
Gold went crazy at the end of last week 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.