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Gold Triange Breakout Objectives at 1700 and 1750

Gold Triange Breakout Objectives at 1700 and 1750

2012-08-21 19:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Triange Breakout Objectives at 1700 and 1750

Prepared by Jamie Saettele, CMT

The alternate gold count was confirmed today with the trade above 1640.80. “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).” Using the same triangle measuring technique used recently in USDCAD and crude and used today in the EURUSD and USDCHF, objectives for gold are 1703.56 and 1754.26.

LEVELS: 1610 1620 1630 1650 1700 1750

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

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