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Gold Stuck at 1600

Gold Stuck at 1600

2012-08-15 21:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Stuck at 1600

Prepared by Jamie Saettele, CMT

A bearish triangle remains favored (headed lower from current level) but presentation of an alternate count is appropriate. The alternate would treat consolidation from 1640.80 as a B wave triangle. A break above 1640.80 would confirm that wave C is underway towards 1700 (Fibonacci extension is just below that level and the 2/10 low is just above 1700).

LEVELS: 1555 1563 1584 1607 1616 1626

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