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Gold Trying to Get Comfortable above 1600

Gold Trying to Get Comfortable above 1600

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Trying to Get Comfortable above 1600

Prepared by Jamie Saettele, CMT

No change: “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 1629.50 1640.80 1700

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