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Gold Melts Higher but Pattern Still Bearish

Gold Melts Higher but Pattern Still Bearish

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_gold_body_gold.png, Gold Melts Higher but Pattern Still Bearish

Prepared by Jamie Saettele, CMT

“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: 1553 1582 1608 1629 1641 1672

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

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