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Gold Working on 7th Week of Consolidation

Gold Working on 7th Week of Consolidation

2012-06-27 21:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_gold_body_gold.png, Gold Working on 7th Week of Consolidation

Prepared by Jamie Saettele, CMT

No change…I’m looking lower. “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. A break of the December low could result in an historic collapse.

LEVELS: 1500 1522 1553 1589 1615 1641

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

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