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Gold Biding Time Before Next Leg Higher

Gold Biding Time Before Next Leg Higher

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Biding Time Before Next Leg Higher

Prepared by Jamie Saettele, CMT

Gold is nearing the objective defined from its breakout in late August. To review, “The alternate gold count was confirmed today with the trade above 1640.80. Using the triangle measuring technique…objectives for gold are 1703.56 and 1754.26.” The former was reached and exceeded but the latter level is in line with the 1760 area, which served as a pivot in December 2011 and February 2012. Expect a reaction above 1750.

LEVELS: 1705 1714 1723 1750 1761 1790

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