News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Gold Slips Intraday but Ends Day Unchanged

Gold Slips Intraday but Ends Day Unchanged

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Slips Intraday but Ends Day Unchanged

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. Gold rallied to a new and has pulled back in order to satisfy the false break.” The piercing of the October low triggers a bearish bias against the high but failure to sustain the intraday drop leaves me neutral.

LEVELS: 1736.05 1750.90 1756.80 1791.49 1802.80 1819.05

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

DISCLOSURES