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Gold Slips but Larger Break Expected Soon

Gold Slips but Larger Break Expected Soon

2012-06-20 22:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_gold_body_gold.png, Gold Slips but Larger Break Expected Soon

Prepared by Jamie Saettele, CMT

No change as gold is sloshing back and forth aimlessly before the next big move (down?). “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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