Gold Drops but Remains Constructive
240 Minute Bars
Prepared by Jamie Saettele, CMT
The decline from the high in gold is impulsive (5 waves) but that decline could just as well complete a flat. As such, it is best to refrain from the short side until a drop below last week’s low (1752). Also, the chart shown today highlights a common bullish setup in which RSI slips to new lows while price makes higher (although barely in this case) closes. Focus would shift to 1715 in the event of a 1752 break.
LEVELS: 1715 1737 1752 1780 1790 1800
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