Gold Reward to Risk Favor Shorts at Current Level
240 Minute Bars
Prepared by Jamie Saettele, CMT
As mentioned yesterday, gold has been trading between its 2nd standard deviation Bollinger bands recently. “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.” The mentioned 5 wave decline was succeeded by a 3 wave advance into former congestion (resistance). Look lower.
LEVELS: 1522 1553 1582 1617 1641 1672
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