Daily 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). A drop below would shift to 1715 and probably quickly given the crowded nature of this market.” Today’s action is indicative of a market that was too crowded as those late to the game got stopped out only to see the market snap back and close at the former lows. A test of 1715/25 can’t be ruled out as long as price is below 1775 (spot prices) but Wednesday’s intraday action is more suggestive of consolidation before upside continuation.
LEVELS: 1687 1715 1735 1755 1765 1775
