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Gold May Take out 1800 Before Meaningful Dip

Gold May Take out 1800 Before Meaningful Dip

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold May Take out 1800 Before Meaningful Dip

Prepared by Jamie Saettele, CMT

Gold has reached the long cited 1755 objective and may be in for several sessions of much needed consolidation. As mentioned last week, “the huge volume and large range is consistent with the beginning of some consolidation before the continuation of the advance.”” Gold has come off about $30 but the ‘correction’ isn’t noticeable on a daily closing basis. The market is stretched but a tag of the highs from February (1790.55) and November 2011 (1802.80) may be in the cards before something more meaningful on the downside takes place.

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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