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Gold Outside Day; Series of 4th and 5th Waves May Send Price Lower

Gold Outside Day; Series of 4th and 5th Waves May Send Price Lower

2013-09-16 00:07:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gold_1_body_gold.png, Gold Outside Day; Series of 4th and 5th Waves May Send Price Lower

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Gold opened over 2% higher but ended the day near the lows. The high occurred during the first hour of Sunday evening trading.

-Sunday’s evening’s rally may compose wave 4 of 3. The implications are for wave 3 to complete at lower levels before a bounce in wave 4 and another leg lower in wave 5.

-Price has retraced half of the rally from the June low. The 8/7 low and 61.8% retracement at 1273-1277 is the next estimated support.

Trading Strategy: Last update was “looking to start short position at 1334.” Monday’s high was 1334.70. Shorts are favored below that level.

LEVELS: 1267 1273 1300 | 1325 1335 1356

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

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