Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“Continued failure to hold gains has me contemplating a final washout. In fact, action since April 1st, may compose a B wave triangle within an A-B-C decline from 1392. Under this interpretation, gold would drop below the April low in wave C before finding a major low. 1236 is a major level of interest.”
-The drop to a new low does satisfy minimum expectations for wave C. Gold has turned up just shy of the ideal 1236 level. A final low isn’t out of the question (tomorrow on NFP?).
LEVELS: 1206 1230 1236 | 1258 1268 1277
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