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Gold Reaches Objective in Large Volume Day

Gold Reaches Objective in Large Volume Day

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Reaches Objective in Large Volume Day

Prepared by Jamie Saettele, CMT

Gold reached the 1755 triangle objective in a range of over 3% and the largest volume (futures) since June 7th. Price is currently resting $10 above the 1760 pivot from December 2011 and February and the 2012 high is within earshot at 1790.55. The huge volume and range is consistent with the beginning of some consolidation before the continuation of the advance. 1747 is now support.

LEVELS: 1715 1737 1747 1791 1800 1825

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

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