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Gold Daily Reversal but Shy of Objective

Gold Daily Reversal but Shy of Objective

2012-09-12 03:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Daily Reversal but Shy of Objective

Prepared by Jamie Saettele, CMT

Gold is nearing the objective defined from its breakout in late August. 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.” Gold did carve out a key reversal Wednesday shy of the objective. Is that the end of the bull move? It’s enough for me turn neutral. Keep 1750/60 in mind as resistance if reached.

LEVELS: 1705 1714 1723 1750 1761 1790

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