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Gold Weakness from the Top is Impulsive

Gold Weakness from the Top is Impulsive

2012-09-25 00:30:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Weakness from the Top is Impulsive

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).” A drop below would shift to 1715 and probably quickly given the crowded nature of this market.

LEVELS: 1715 1737 1752 1770 1780 1790

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

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