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Gold Still Swinging Aimlessly

Gold Still Swinging Aimlessly

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Still Swinging Aimlessly

Prepared by Jamie Saettele, CMT

No change…I’m looking lower as long as gold is below 1641. There is very little to say as gold is in its 8th week of consolidation. The sideways trading is taking on the form of a head and shoulders continuation pattern (bearish) but a break below 1548 is needed to confirm. The pattern is cleaner on a continuous contract futures chart as the shoulders both form just above 1600.

LEVELS: 1527 1548 1579 1607 1641 1672

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