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Gold Bursting Through TOP of Triangle

Gold Bursting Through TOP of Triangle

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Bursting Through TOP of Triangle

Prepared by Jamie Saettele, CMT

“If a bearish triangle is unfolding from the May low, then today’s surge composes wave E (triangles unfold in waves A-B-C-D-E). Slightly higher levels are possible but price must remain below 1625 if the bearish triangle interpretation is correct. Exceeding 1625 would negate and shift focus to the June high above 1640.” Wait and see.

LEVELS: 1592 1598 1610 1625 1641 1672

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