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Gold Double Inside Day on an Outside Day Typical of False Moves

Gold Double Inside Day on an Outside Day Typical of False Moves

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Candles

eliottWaves_gold_body_gold.png, Gold Double Inside Day on an Outside Day Typical of False Moves

Prepared by Jamie Saettele, CMT

A previously rare occurrence has popped up 3 times since June. That is, gold has traded in a double inside day AFTER an outside day. Before June, one had to look back to 2009 to find this pattern. The pattern is a function of volatility contraction and the plethora of orders on each side of the narrow range is conducive to false breaks. One can envision a spike to a new high (above 1790.55 and maybe 1802.80) following Fed minutes tomorrow before gold reverses and declines sharply.

LEVELS: 1736.05 1750.90 1763.25 1791.49 1802.80 1819.05

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

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