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Gold Marks Time Near Upper End of Range

Gold Marks Time Near Upper End of Range

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_gold_body_gold.png, Gold Marks Time Near Upper End of Range

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: 1527 1553 1584 1641 1672 1697

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

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