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Gold Trades Bollinger to Bollinger

Gold Trades Bollinger to Bollinger

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Trades Bollinger to Bollinger

Prepared by Jamie Saettele, CMT

Gold is also attracted to the Bollingers at the moment. The latest move off of the high is impulsive (5 waves) which favors lower prices from the current level to at least Friday’s low at 1553. The bearish RSI reversal signal that was in place for gold last week is now in place for USD crosses.

LEVELS: 1522 1553 1582 1608 1641 1672

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