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
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