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Gold Range Break above 1640 Would Expose 1670

Gold Range Break above 1640 Would Expose 1670

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Range Break above 1640 Would Expose 1670

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. Exceeding 1641 would shift focus to 1671 (May high)

LEVELS: 1547 1588 1607 1641 1672 1700

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