Gold Ready to Make a Move?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-Gold bottomed at 1169.40, near the 61.8% retracement of the 1142.59-1224.15 advance.
-The decline from 1224.15 may compose a 3 wave decline known as a flat (wave subdivisions of 3-3-5). If this interpretation is correct, then gold will exceed 1224.15 while staying above 1169.40. Failure to stay above 1169.40 would complete a bearish continuation pattern (head and shoulders since mid-March).
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.