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Gold Finishes Day Relatively Unchanged

Gold Finishes Day Relatively Unchanged

2012-06-14 22:06:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gold_body_gold.png, Gold Finishes Day Relatively Unchanged

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 as long as price is below 1641. Exceeding that level would shift focus to the May high at 1672.

LEVELS: 1553 1582 1608 1629 1641 1672

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